CIRO Canadian Investment Regulatory Organization
Effective July 1, 2025, the AMF will delegate the registration function for investment dealers, mutual fund dealers and derivatives dealers, and the individuals who act on their behalf, to the Canadian Investment Regulatory Organization (CIRO) (delegation of powers). The AMF retains concurrent authority for the delegated powers and functions.This page provides information about operational issues related to the delegation. The information pertains solely to securities legislation requirements; it does not address requirements related to registration with CIRO.
On this page:
Effective July 1, 2025
Delegated
The AMF will delegate the registration function for the following categories of registration:
Firm categories
- Investment dealer (ID)
- Mutual fund dealer (MFD)
- Derivatives dealer (DD)
Individual categories (for the above firms)
- Ultimate designated person (UDP)
- Chief Compliance Officer (CCO)
- Dealing representative (DR)
- Permitted individual
The registration function includes the review and approval of applications for initial registration, registration in additional categories and registration in additional jurisdictions; notices of acquisition; and ongoing changes to registration information (registration function).
If a firm or individual is applying for registration or is registered in multiple categories, where any one of those categories has not been delegated to CIRO, the applications will be subject to coordinated review and approval by the AMF and CIRO.
The registration function for individuals acting on behalf of IDs and DDs has already been delegated to CIRO. Inspections, including financial supervision of IDs, MFDs and DDs, has also already been delegated to CIRO.
Have questions concerning the registration functions delegated to CIRO?
Please contact CIRO 
This link will open in a new window Inquiries team: 1 877 442-4322.
Not being delegated
The registration function for the following individual and firm categories, and individuals who act on their behalf, is not being delegated to CIRO at this time:
- Scholarship plan dealer
- Exempt market dealer
- Restricted dealer
- Portfolio manager
- Derivatives portfolio manager
- Restricted portfolio manager
- Investment fund manager
Applications for discretionary relief for IDs, MFDs and DDs are not being delegated to CIRO. All applications for discretionary relief must be submitted to the AMF, whatever the registration category.
Have questions concerning non-delegated registration functions?
Please contact the AMF Information Centre at 1-877-525-0337.
End of the InformationGeneral information
Applications in progress
AMF and CIRO staff will work together to help ensure a smooth transition of registration responsibilities.
AMF staff will continue to review applications and other submissions filed with the AMF before July 1, 2025. This includes applications filed by both firms and individuals.
Information that firms and individuals are required to submit
There will be no change to the information that firms and individuals are required to submit with respect to submissions and forms.
Firms and individuals will still be required to use the forms to Regulation 33-109 respecting Registration Information. However, the forms will have to be filed with CIRO by category or categories of registration. For further information, refer to the section Specific information for the various clienteles below.
Some forms may also be required under CIRO rules. For more information, contact CIRO This link will open in a new window.
Specific information for the different clienteles
How to register a firm
A firm that wishes to apply to register as an ID, MFD or DD, must complete Form 33-109F6 – Firm Registration (pdf - 361 KB)This link will open in a new windowUpdated on June 16, 2022Form 33-109F6 - Firm Registration in its entirety and attach it to Form 33-109F6 to its CIRO membership application. This also applies to firms seeking to register as a “dual-registered dealer. For more information, refer to the page Becoming a Dealer Member This link will open in a new window on the CIRO website.
A firm that seeks to register as an ID, MFD or DD AND in a category of registration that has not been delegated to CIRO (e.g., investment fund manager), must complete Form 33-109F6 (pdf - 361 KB)This link will open in a new windowUpdated on June 16, 2022Form 33-109F6 - Firm Registration and file it with the AMF and CIRO. In this situation, the application will be reviewed by both the AMF and CIRO. More information on applying for registration as a firm can be found on the website.
Some forms may also be required under CIRO rules.
Inspection of firms
There is no change with respect to firm inspections. CIRO will continue to conduct inspections of IDs, MFDs and DDs.
The AMF will continue to inspect:
- Scholarship plan dealers
- Exempt market dealers
- Restricted dealers
- Portfolio managers
- Derivatives portfolio managers
- Restricted portfolio managers
- Investment fund managers
Updating regulatory information: Guidance for registered firms
Registered firms are required to notify the regulator, within specified times, of any changes to the information in their Form 33-109F6 by submitting Form 33-109F5 Change of Registration Information (pdf - 155 KB)This link will open in a new windowUpdated on June 16, 2022Form 33-109F5 - Change of Registration Information.
A firm registered as an ID, MFD or DD must file the form with CIRO.
A firm registered as an ID, MFD or DD combined with n a registration category that has not been delegated to CIRO must file the Form 33-109F5 with both the AMF and CIRO. The form will be reviewed by both AMF and CIRO staff.
All forms are available on the webpage Forms - Dealers, advisers and investment fund managers.
Notices under section 11.9
The AMF will delegate the power to approve or object to acquisitions for which notices have been given pursuant to sections 11.9 and 11.10 of Regulation 31-103 by registered firms in the ID, MFD or DD categories or by registered individuals to CIRO.
Notice under section 11.9
If a registrant providing notice under section 11.9 of Regulation 31-103 is an ID, MFD, DD or individual registered with an ID, MFD or DD and its head office or the individual’s place of business is in Québec, it must provide notice to CIRO.
A registrant that is also registered in a category that has not been delegated to CIRO must provide notice to both CIRO and the AMF. Staff of both CIRO and the AMF will review the notice.
If the registrant providing notice under section 11.9 of Regulation 31-103 is an ID, MFD or DD or individual registered on behalf of an ID, MFD or DD, and the firm it is seeking to acquire is registered in a category that has not been delegated to CIRO, the registrant must provide notice to both CIRO and the AMF. Staff of both CIRO and the AMF will review the notice.
Providing notice under section 11.9 in more than one jurisdiction
The registrant must also comply with subsection 1.3(4) of Regulation 31-103, which states that if the principal regulator of the registrant and the principal regulator of the firm that the registrant is seeking to acquire are not the same, the registrant must provide the notice to the regulators in both jurisdictions.
Notice under section 11.10
Under section 11.10 of Regulation 31-103, if the registered firm is an ID, MFD or DD and its head office is located in Québec, it must provide notice to CIRO.
If the registrant is also registered in a category that has not been delegated to CIRO, it must provide notice to both CIRO and the AMF. Staff of both CIRO and the AMF staff will review the notice.
Notices filed before July 1, 2025
AMF staff will continue to review any notices provided before July 1, 2025.
Applying for exemptive relief
A firm that wishes to apply for exemptive relief from a requirement in securities legislation (e.g., the Securities Act This link will open in a new window, Regulation 31-103, Regulation 33-109), must file an application with the AMF.
Surrendering firm registration
A firm registered as an ID, MFD or DD that wishes to surrender one or all of those registration categories after July 1, 2025, must apply to CIRO.
A firm registered as an ID, MFD or DD combined with a registration category that has not been delegated to CIRO that wishes to surrender one or all of those registration categories must apply to both the AMF and CIRO.
Applications to surrender registration as an ID, MFD or DD combined with another registration category that has not been delegated to CIRO will be reviewed by the AMF and CIRO.
A firm that wishes to apply for an individual must do so through the NRD This link will open in a new window. If the firm is registered in a category delegated to CIRO, the application will be received by CIRO, which will forward it to the AMF, as applicable, depending on the categories applied for.
| Firms with CIRO-delegated and non-delegated categories | Review | Approval |
|---|---|---|
Ultimate designated person or permitted individual | CIRO/AMF | CIRO |
Delegated categories | CIRO | CIRO |
Non-delegated categories | AMF | AMF |
Delegated and non-delegated categories | CIRO/AMF | CIRO |
Client mobility exemption – Individuals
A sponsoring firm that wishes to apply for a client mobility exemption for an individual registered with the firm must submit Form 31-103F3 (pdf - 21 KB)This link will open in a new windowUpdated on August 1st, 2011 to CIRO if the exemption is for an individual registered in a delegated category or to the AMF if the individual is registered in a category not delegate to CIRO.
Relief from proficiency requirements
A firm that wishes to apply for relief for an individual from a requirement under Regulation 31-103 must file the application in the NRD This link will open in a new window.
CIRO will receive the application if the firm is registered in a category delegated to CIRO and will direct it to the AMF for review.
Background checks and conduct matters
Background checks will be delegated to CIRO for applications relating to registration categories delegated to CIRO and for applications involving both a registration category delegated to CIRO and a non-delegated registration category.
However, background check results will be reviewed jointly by the AMF and CIRO for any applications involving one or more registration categories that have not been delegated to CIRO. The same applies for individuals who have a right to practise under the Act respecting the distribution of financial products and services This link will open in a new window (chapter D-9.2).
No change. Applications for firms and individuals acting on their behalf will be received and processed by the AMF. However, the AMF and CIRO will share any information pertaining to individuals.