The Canadian Investment Regulatory Organization (CIRO) is planning to publish the final edition of its consolidated rulebook in February 2026, with an extended comment period.
The self-regulatory organization has been in the process of consolidating the rule sets for investment dealers and mutual fund dealers for the past couple of years.
Starting in late 2023, it began publishing tranches of consolidated rule proposals for public comment. The fifth and final tranche was published earlier this year (the comment period closed on June 25).
Now, CIRO expects to issue the final consultation on the full consolidated rules in February for a 120-day comment period — giving dealers extra time to review the full set of proposals.
“We believe the 120-day comment period provides dealer members with adequate time to review and consider the material updates to the consolidated proposed CIRO rules, noting that all of the proposed rules have already been published at least once for public comment,” the SRO said in a notice.
As part of that publication, CIRO will also release its responses to the policy issues raised in the fifth tranche of proposals.
The final rules will also include a couple of rule proposals that have been developed alongside the rule consolidation initiative — the enhanced cost reporting rules, and the investment dealer proficiency model.
Other rule projects are proceeding in parallel, including proposals dealing with continuing education programs, modernizing account transfers, and adopting mandatory close-out requirements.
CIRO said that if any of these projects are completed before the final consolidated rules are published, they will be included too — if not, they will be added later.
Additionally, guidance on the CIRO rules will be published after the final rules have been adopted, and approved by the Canadian Securities Administrators (CSA).