CIRO pushes retail data project to 2027

The Canadian Investment Regulatory Organization (CIRO) says it will embark on its project to collect dealer data on retail investors in early spring 2027. The self-regulatory organization (SRO) will issue a “mandatory data request” to investment dealers and mutual fund dealers, seeking information on their clients’ portfolio holdings as of the end of 2026.

CIRO previously contemplated asking for data from the end of 2024, and later pushed that back to the end of 2025 in response to industry feedback. Now, it’s delayed for another year, to give firms, “additional time to allocate resources effectively and ensure the accuracy and completeness of the submitted data.”

The SRO said the data will help it understand the evolving retail market, and that it will help dealers “deliver greater investor value.”

The plan has also been scaled back in response to industry feedback. As a result, CIRO will no longer ask for information on clients’ households, it will only ask for data on deposits and withdrawals for the previous 12 months, and it won’t ask for National Registration Database information on reps and branches.

CIRO noted that it attempted to conduct a cost-benefit analysis on the project, but that it proved too difficult.

“Comparing the long-term qualitative impact of effective regulation to the immediate costs and operational burden remains a complex task,” it said — adding that it may be easier to estimate the costs after the first version of this exercise.

In the meantime, CIRO said that it plans to launch a pilot test of the data-submission process starting in mid-2026, before the industry-wide request goes live the following year.

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.