34 Questions
What does CIRO regulate?
Investment dealers and mutual fund dealers
What is the name of the information processor for Canadian corporate and government debt securities operated by CIRO?
CIRO IP
When did the amalgamation of the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association of Canada (MFDA) take effect?
June 1, 2023
What does CIRO oversee as the national self-regulatory organization?
All investment dealers and mutual fund dealers
What is the priority of the Enforcement department integration process?
Developing uniform Sanction Guidelines
What does CIRO aim to demonstrate progress on?
Equity, Diversity, Inclusion, and Anti-Racism initiatives
What will the organization seek to obtain in order to operationalize authorities in Québec?
Delegation
What will be the first step in the phased plan to consolidate Investment Dealer and Mutual Fund Dealer rules?
Publish the proposed Phase 1 consolidated rules for public comment
What is the main focus of the Innovation function for the current fiscal year?
Strengthening stakeholder relationships
Which organization will CIRO collaborate with to become a credentialling body and support the creation of a public registry for financial advisors/planners?
The Financial Services Regulatory Authority of Ontario (FSRA)
What does the text emphasize as important for the work of an SRO?
Development and maintenance of strong relationships
In addition to industry engagement, what other initiative will the Innovation function focus on for the current fiscal year?
Collaborating with other regulators on financial title protection
What will be consolidated into a single rule set over time?
Investment Dealer and Mutual Fund Dealer Rules
What will not be part of the consolidated rules plan?
Universal Market Integrity Rules
What are some of the key changes proposed in the interim rules?
Eliminating IIROC District Council regulatory approval authorities
What will the interim rules primarily affect?
Investment Dealer and Partially Consolidated Rules
Which individuals will have the option of conducting business primarily within the Investment Dealer and Partially Consolidated Rules on a permanent basis?
Mutual funds only registered individuals employed by dual-registered firms
What is permitted for mutual-funds-only registered individuals retained or contracted as agents by a dual-registered firm?
Directing commissions to an unregistered corporation under certain conditions
Why will CIRO implement interim rules for its members?
To align with the IIROC and MFDA rules with some key changes to address industry challenges
What will the CIRO Day 1 interim rules be comprised of?
The Investment Dealer and Partially Consolidated Rules, Universal Market Integrity Rules, and the Mutual Fund Dealer Rules
What is the primary objective of CIRO's implementation of interim rules?
To minimize disruption to members and their employees by adopting IIROC and MFDA rules
What is the main reason for the introduction of CIRO interim rules?
To address structural impediments to the industry while ensuring minimal disruption to members and their employees
What additional information would a mutual fund dealer need to provide to CIRO to be approved as a dual-registered firm?
Evidence of compliance with any new investment dealer requirements under CIRO Investment Dealer and Partially Consolidated Rules
What is one example of exemptive relief for a dual-registered firm's mutual fund division or business unit, subject to conditions?
Permitting an introducing broker to maintain a separate/additional mutual fund dealer carrying broker
In what areas must a dual-registered firm and its employees comply with CIRO rules, according to the text?
Only in areas where there is a corresponding requirement in CIRO Investment Dealer and Partially Consolidated Rules
What is a requirement for a dual-registered firm's mutual fund division or business unit regarding trading in segregated funds?
Trading in segregated funds through the mutual fund dealer division or business unit
What rules are Mutual Fund Dealers in Québec subject to on Day 1?
Regulation 31-103
Under what circumstances will some individuals need to report their Continuing Education under both the Investment Dealer and Partially Consolidated Rules, and the Mutual Fund Dealer Rules?
If they are registered or approved under both sets of rules
What will Mutual Fund Dealers in Québec not be required to comply with, during a transitional period, to avoid regulatory duplication?
CIRO Rules
Who will need to comply with the Continuing Education requirements of the Chambre de la sécurité financière (CSF)?
Mutual Fund Dealers registered in Québec
What will the CSA provide guidance on related to dual-registered firms and individual registrants?
NRD filing processes
Under the interim rules, which decisions will an individual continue to have an opportunity to be heard if they disagree with a recommendation?
Decisions to refuse registration/approval
What proficiency requirements are applicable for a Registered Representative dealing in mutual funds only with an investment dealer?
Complete the Canadian Securities Course (CSC) and Conduct and Practices Handbook Course (CPH) within 270 days
Within what timeframe should a Registered Representative dealing in mutual funds only with an investment dealer complete the 90-day training program and upgrading to Investment Representative, or the 30-day training program and upgrading to Registered Representative?
18 months of initial approval
Test your knowledge of the current fiscal year's innovation initiatives and stakeholder engagement strategies of a Self-Regulatory Organization (SRO). This quiz covers topics such as modernization of rules, stakeholder outreach, and relationship building.
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