Vignoe continued, “This move will streamline the registration process, reducing the burden for registrants in Ontario, while the OSC’s continued oversight of CIRO will involve a strong degree of enhanced investor protection.”
CIRO, which currently oversees the registration of individuals acting on behalf of investment dealers, will expand its responsibilities pending regulatory approvals.
According to Andrew Kriegler, president, and CEO of CIRO, “Delivering a more efficient registration framework is one of six ways in which CIRO’s Strategic Plan brings value to investors, to the industry which serves them and to Canadians as a whole. CIRO will work with the OSC to ensure a smooth transition for registrants.”
The delegation follows a key recommendation from the Capital Markets Modernization Taskforce report published in January 2021.
The press release stated that while this transition promises to enhance efficiency, the core requirements for registration applications and updates will remain unchanged.
