CIRO wraps guidance update project

With two new guidance updates, the Canadian Investment Regulatory Organization (CIRO) is wrapping up its project to modernize its guidance on the trading rules.

On Friday, the self-regulatory organization published revised guidance on gatekeeper obligations and trading supervision obligations as part its ongoing effort to update its guidance in this area.

The project, which began in August 2025, was launched to make non-material changes to the trading rule guidance that aim to “improve [the] clarity and accuracy” of the existing guidance, and to update the content in certain cases.

The revisions “will help ensure that guidance is easier for investment dealers to find and understand and assist in compliance” with the trading rules, the self-regulatory organization said.

For instance, on trading supervision obligations, the regulator said the updates aim to clarify the requirements for firms to develop policies and procedures to prevent and detect breaches of the trading rules — considering the firm’s size, business model and activities — and adds detail on how firms can comply with these requirements.

CIRO noted that a small subset of its existing guidance notes weren’t republished as part of its project. 

“These guidance notes will either be addressed separately as individual policy projects as they require material changes or were deemed to be no longer relevant and not practical to update,” it said. 

James Langton

James is a senior reporter for Advisor.ca and its sister publication, Investment Executive. He has been reporting on regulation, securities law, industry news and more since 1994.