Regulator profile · CA
CIRO — Canadian Investment Regulatory Organization
Tracked byBrokerlist Editorial · Independent review teamUpdated
The Canadian Investment Regulatory Organization (CIRO) is the national self-regulatory organisation overseeing investment dealers and mutual fund dealers across Canada. CIRO was formed in January 2023 by merging IIROC (Investment Industry Regulatory Organization of Canada) with the MFDA. Provincial securities commissions retain primary statutory authority.
Brokers in Canada accepting residents under CIRO- Jurisdiction
- Canada · all 10 provinces and 3 territories. Provincial securities commissions hold statutory authority; CIRO operates under recognition orders from each.
- Founded
- 2023
- Mandate
- Recognised by the Canadian Securities Administrators (CSA) under provincial recognition orders. CIRO sets and enforces conduct, capital and market-integrity rules for investment dealers (formerly IIROC) and mutual fund dealers (formerly MFDA), and operates the Universal Market Integrity Rules (UMIR).
- Consumer protection
- The Canadian Investor Protection Fund (CIPF) covers eligible accounts up to CAD 1,000,000 per account category at CIRO-member firms in case of insolvency. Negative balance protection is not a single national rule but is required by most CIRO members under risk-management standards. Provincial securities commissions enforce statutory client-money rules.
- Retail leverage caps
- No single retail leverage cap; provincial securities commissions and CIRO member firm risk policies set maximums. Typical retail FX/CFD leverage at CIRO-regulated firms is 1:50 on majors, with conduct-driven suitability checks. Most Canadian retail FX trades through OANDA Canada, Interactive Brokers Canada, or CMC Markets Canada (all CIRO members).
- Public register
- CIRO's "Find a Firm or Individual" tool searches its membership and registered representatives. Combine with the National Registration Search at csa-acvm-securities.ca for full provincial-registration details. Open register ↗
- Dispute resolution
- Unresolved retail complaints escalate to the Ombudsman for Banking Services and Investments (OBSI), an independent ombuds-service. OBSI recommendations up to CAD 350,000 are non-binding but member firms typically comply; CIRO can also order client compensation in regulatory proceedings.
- Editor notes
- IIROC- and MFDA-issued licences remain valid under CIRO. Canada's provincial-statute model means a CIRO member is also registered with the relevant provincial commission (OSC in Ontario, AMF Quebec, BCSC in BC, etc.) — verify both for full picture. Some offshore brokers solicit Canadian residents despite not being CIRO members; CIRO publishes a public Investor Alert List.
Brokers we track with a CIRO licence
No brokersNo tracked broker currently holds a CIRO licence in our database.