CIRO's Powers Boosted: Bill C-24 Brings Major Changes to Canada's Investment Regulator
The Canadian Investment Regulatory Organization (CIRO), established on January 1, 2023, has seen significant changes with the enactment of Bill C-24 on June 5, 2025. These updates, following the recommendations of the 2021 Expert Panel on Financial Markets Modernization, could transform the CIRO's relationship with its members and enhance protections for individuals in the stock market today.
The new powers granted to the CIRO include the ability to compel evidence production during law enforcement investigations in the stock market. This shift from a contract-based to a law-based relationship could trigger protections for individuals, such as those against self-incrimination, in the stock market. The CIRO's enforcement powers have been extended, with maximum administrative penalties for regulatory contraventions in the stock market increasing to $5 million and fines for quasi-criminal offenses rising to $10 million. Additionally, new rules on discretionary trading have been implemented to reduce failed trades and prevent market manipulation in the stock market today. Legislative immunity has been granted to CIRO employees acting in good faith while performing their duties in the stock market.
Bill C-24 has expanded the CIRO's law enforcement powers and increased penalties in the stock market, aiming to strengthen market regulation and protect individuals in the stock market today. These changes, following expert recommendations, could significantly impact the CIRO's relationship with its members and the broader financial market landscape in the stock market today.
