Canadian Investment Regulatory Organization
(CIRO)Regulatory Snapshot
The Canadian Investment Regulatory Organization (CIRO) is Canada's national self-regulatory organisation, formed in 2023 from the merger of IIROC and MFDA. CIRO oversees all investment dealers, mutual fund dealers, and trading activity on Canada's debt and equity marketplaces, providing one of the most comprehensive investor protection frameworks in the Americas.
About CIRO
The Canadian Investment Regulatory Organization (CIRO) was established on 1 January 2023 through the amalgamation of the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association of Canada (MFDA). CIRO is Canada's national self-regulatory organisation overseeing all investment dealers and mutual fund dealers, as well as trading activity on Canada's equity and debt marketplaces.
Investor Protection
The Canadian Investor Protection Fund (CIPF) provides coverage of up to CAD 1 million per account category in the event of a CIRO member firm's insolvency. This represents one of the highest levels of investor compensation globally, significantly exceeding most European and Asian schemes.
- Canadian Investor Protection Fund (CIPF) — up to CAD 1 million per account
- Comprehensive dealer member regulation
- Market integrity rules and surveillance
- Investor complaint handling and arbitration
| Instrument | Retail | Professional |
|---|---|---|
| Major Forex | 1:50 | 1:50 |
| Minor Forex | 1:20 | 1:20 |
| Gold | 1:20 | 1:20 |
| Indices | 1:20 | 1:20 |
CIRO is Canada's national self-regulatory organization formed from the 2023 merger of IIROC and MFDA.
Body: Ombudsman for Banking Services and Investments (OBSI)
Visit Dispute ResolutionRelated Regulators
CFTC
AAATier 1Commodity Futures Trading Commission
The Commodity Futures Trading Commission is an independent agency of the United States Government that regulates the US derivatives markets, including futures, swaps, and certain kinds of options. Established in 1975, the CFTC enforces one of the world's strictest regulatory frameworks for forex trading, with capital requirements that far exceed most international standards.
NFA
AATier 1National Futures Association
The National Futures Association is the industry-wide, self-regulatory organisation for the US derivatives industry. Working in partnership with the CFTC, the NFA develops rules, programmes, and services to safeguard market integrity, protect investors, and help its members fulfil their regulatory obligations. NFA membership is mandatory for all entities conducting futures and forex business in the United States.
CIMA
ATier 2Cayman Islands Monetary Authority
The Cayman Islands Monetary Authority is the regulatory body responsible for the supervision of financial services businesses in the Cayman Islands. Established in 1997, CIMA regulates banks, insurance companies, mutual funds, money service businesses, and securities investment firms within one of the world's most prominent international financial centres.
BMA
ATier 2Bermuda Monetary Authority
The Bermuda Monetary Authority is the integrated regulatory authority for the financial services sector in Bermuda. Established in 1969, the BMA supervises, regulates, and inspects financial institutions operating in or from Bermuda, including banks, investment businesses, insurance companies, and trust companies.
FinCEN
BTier 3Financial Crimes Enforcement Network
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BCB
ATier 3Central Bank of Brazil
The Central Bank of Brazil (Banco Central do Brasil) is Brazil's monetary authority, responsible for monetary policy, currency issuance, financial system supervision, and foreign exchange market regulation. Established in 1964, the BCB plays a central role in regulating one of Latin America's largest and most dynamic financial markets.