On November 20, 2024 the CSA announced that its members are exploring delegating certain registration functions and powers to CIRO. CIRO currently performs certain registration functions for some CSA members under delegated authority, and this proposed additional delegation will support a streamlining of registration processes across Canada.

Here you will find relevant information about CSA members’ proposed delegation processes, and additional information that you may find useful during this transition. This section will be updated as new information becomes available. To view your jurisdiction’s information please click the link associated to your local securities regulator below.

FAQ

• Why is the CSA undertaking this work?
  Aligned with the CSA’s objective outlined in its 2022-2025 Business Plan, the proposed delegated functions and powers would create efficiencies and reduce regulatory burden by providing certain market participants with a more streamlined registration process.
• What is the timeline for the delegation?
  The CSA is taking a staggered approach to the delegation of certain registration categories that respects each CSA member’s local processes. Any proposed rule amendments or delegation orders are subject to local approvals and will be issued by CSA members locally in due course. We have created this resource page to help market participants orient themselves during this transition. This page will be updated regularly.
• What registration categories are the CSA members delegating to CIRO in April 2025?
  The proposed delegation model is restricted to applications of investment dealers and mutual fund dealers (firms and individuals) in some jurisdictions and derivatives dealers in Québec as well as futures commission merchants in Ontario. Should significant or novel issues arise in the course of CIRO’s reviews of these applications, it will notify the appropriate CSA member. The CSA will be involved in reviewing novel applications.  
• Is every CSA member participating in this registration delegation process?
  Subject to approvals, all CSA members are participating in this initiative though the timing for each CSA member’s registration delegation may be staggered subject to their regulatory processes and approvals. To view information about the timeline and participating jurisdictions, click here.
• Which registration categories are not part of this delegation effort?
  Firms and individuals of portfolio managers, restricted portfolio managers, investment fund managers, exempt markets dealers, restricted dealers, and scholarship plan dealers and in Québec derivatives portfolio managers would continue to register with, and be overseen by, their local securities regulator. Specific to Ontario, commodity trading advisers, commodity trading counsels and commodity trading managers will continue to register with and be overseen by the Ontario Securities Commission.
• What if I am in the process of registration? How does this affect my current submission?
  Your local securities regulator and CIRO will work together to support a smooth transition of registration responsibilities. If you are in process of registration, we recommend you contact your local securities regulator immediately to minimize any impact.
• Is the National Registration Database (NRD) affected by the registration delegation?
  The NRD will continue to function as it currently does. Individuals applying for registration or a review as a permitted individual, must complete and file form 33-109F4 Registration of Individuals and Review of Permitted Individuals and pay the appropriate fee. NRD will direct the applications to your local securities regulator or CIRO, as appropriate, and reflect the responsibilities newly delegated to CIRO.
• Does the type of information I need to provide as part of the registration process change?
  No, there is no new information or changes to information that individuals and firms will be required to submit as part of their application for registration or updates to registration information. Individuals and firms will still need to complete the forms under National Instrument 33-109 Registration Information (NI 33-109). CIRO will be publishing further information and guidance to assist firms with the filing requirements for both membership approvals and delegated registration matters. CSA members will also publish information on the registration process that combine registration categories that have been delegated, and registration categories that have not been delegated (ex. IFM and MFD).
• Is the CSA contemplating any other registration categories to be delegated to CIRO?
  At this time, the CSA is focused only on delegating applications of investment dealers, mutual fund dealers and their associated individuals. CSA members may consult on further delegation matters and update the market accordingly.
• What will be the CSA’s role (CSA members’ role) now that you will be delegating routine applications?
  Delegating registration functions allows CSA members to focus on core activities such as: implementing enhanced oversight of CIRO, developing regulatory policy, addressing novel issues that might arise in applications, and granting exemptive relief applications as needed.