Canadian Investment Regulatory Organization

The Canadian Investment Regulatory Organization (CIRO; Organisme canadien de réglementation des investissements or OCRI in French) is a non-profit, national self-regulatory organization (SRO). Established through the merger of the Investment Industry Regulatory Organization of Canada (IIROC) and Mutual Fund Dealers Association (MFDA) on January 1, 2023, CIRO oversees all investment dealers, mutual funds and trading activity on debt and equity markets in Canada.

The organization sets regulatory and investment industry standards and has quasi-judicial powers in that it holds enforcement hearings and has the power to suspend, fine and expel members and their representatives.

History
CIRO was formed on January 1, 2023, through the merger of the Investment Industry Regulatory Organization of Canada (IIROC) and Mutual Fund Dealers Association (MFDA) as the New Self-Regulatory Organization of Canada (New SRO).

On April 24, 2023, the name of the Canadian Investment Regulatory Organization (CIRO) was approved by its members.

Management
Andrew J. Kriegler is the president and chief executive officer of CIRO since January 1, 2023, after having served on the same position in IIROC since 2014.

Tim Hodgson is a corporate director and chair of CIRO since January 1, 2023.

Operations
CIRO operates under Recognition Orders from the Canadian Securities Administrators (CSA), which is the umbrella for Canada's provincial and territorial securities regulators. CIRO is subject to CSA oversight and regular operational reviews. It operates according to its By-Law No. 1.