Canadian Investment Regulatory Organization (CIRO) – Request for Comments: Proposed Amendments to Mutual Fund Dealer (MFD) Rules Respecting Disgorgement

CIRO - Rules Bulletin - Request for Comments - Disgorgement – Proposed Amendments to the Mutual Fund Dealer Rules
CIRO - Mutual Fund Dealer Rule Amendments [Clean - Appendix A]
CIRO - Mutual Fund Dealer Rule Amendments [Blackline - Appendix B]
CIRO - Disgorgement – Proposed Amendments to the Mutual Fund Dealer Rules [Appendix C]

The Canadian Investment Regulatory Organization (CIRO) is publishing, for a 30-day comment period, proposed amendments to MFD Rules 7.4.1 to facilitate CIRO’s Disgorgement Distribution Proposal by allowing CIRO hearing panels to order disgorgement where there has been a breach of CIRO requirements or securities legislation by replicating the same provision that is found in the Investment Dealer Partially Consolidated (IDPC) Rules.
CIRO’s notice sets out the process for submitting comments.

Comment Period Expires: September 22, 2025

Published: August 21, 2025