The Canadian Investment Regulatory Organization’s hearing panels set over $15 million in sanctions against firms and individuals in fiscal year 2026, according to the body’s 2025-2026 enforcement report.
CIRO evaluated 6,692 complaints filed by the public, whistleblowers, the Complaints and Settlement Reporting System (ComSet), commissions and other regulators, and internal CIRO departments during the report period, which covered April 1, 2025-March 31, 2026. Compared to FY2025, complaints about unsuitable investments rose by 2 percent to 17 percent; however, complaints about supervision fell from 39 percent to just 16 percent.
The cases progressing through CIRO concentrated on the effectiveness of supervision and internal controls and regulated entities and individuals’ obligation to serve as gatekeepers to the capital markets. The organization conducted 151 full investigations and 48 enforcement proceedings.
Most cases against individuals ended in suspensions and permanent bans.
“In the past year, CIRO’s enforcement team has continued to pursue cases that address serious misconduct and deliver a strong regulatory message, so regulated firms and individuals know the consequences of violating regulations and investors can feel confident investing for their futures,” said Alexandra Williams, CIRO’s senior vice-president of strategy, innovation and stakeholder protection, in a statement.
The report also highlighted CIRO’s rollout of a disgorgement distribution program that permits the direct distribution of disgorged funds to investors who sustained financial losses due to misconduct in applicable cases. Moreover, it spotlighted the partnership of the complaints and inquiries team with the Canadian Securities Administrators and other stakeholders on a new initiative to quickly flag and terminate fraudulent and scam investment websites.
CIRO noted that it had completed most of its integration priorities in line with the consolidation of the Investment Industry Regulatory Organization of Canada and the Mutual Fund Dealers Association of Canada, CIRO’s predecessor organizations. CIRO dealer members began raising complaints and other reportable events under CIRO rules through ComSet.
CIRO transitioned to a single case management system and one document management system; moreover, it adopted a unified set of policies and procedures. These actions bolstered operational efficiency and consistency in enforcement activities, limited duplication, and boosted investor protection.
Enforcement also released a document production guide on the submission of documents, correspondence, and other records to the enforcement team.
“Effective enforcement supports investor protection, deters harmful behaviour, and reinforces confidence in the integrity of the market,” Williams said.