Request for Comment – Proposed Amendments Respecting Enhanced Cost Reporting – Canadian Investment Regulatory Organization (CIRO)

CIRO is publishing for comment proposed amendments to the client reporting requirements in both the Investment Dealer and Partially Consolidated Rules and the Mutual Fund Dealer Rules (together, CIRO Rules) (Proposed Amendments).

The Proposed Amendments would:

• expand Dealer Member’s responsibility to report to their clients, on top of their own fees and charges, ongoing investment fund expenses and charges incurred by the client;
• materially harmonize CIRO’s cost reporting requirements with the Total Cost Reporting Enhancements recently introduced in National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations; and
• bridge some of the existing differences in the client reporting requirements and practices of investment dealers and mutual fund dealers.

A copy of the CIRO Rules Bulletin, including the text of the Proposed Amendments, is also available on our website at www.osc.ca. The comment period ends on January 8, 2025.