FCAA’s order transfers key registration powers in province’s securities regime
Responsibility for crucial registration powers under provincial securities law in Saskatchewan has been shifted from IIROC to the Canadian Investment Regulatory Organization (CIRO).
Effective October 1, 2025, the Financial and Consumer Affairs Authority of Saskatchewan (FCAA) has issued General Ruling/Order 25-506 which empowers CIRO to assume tasks formerly reserved for the FCAA Director under the Saskatchewan Securities Act, specifically for registration, reinstatement, and amendment of registration for both investment dealers and mutual fund dealers and their associated individuals (such as dealing representatives, ultimate designated persons, and chief compliance officers).
In parallel, the prior authorization under General Ruling/Order 11-912 — Assignment of Registration to IIROC — is revoked, ending Saskatchewan’s recognition of IIROC in this capacity.
“Ensuring the integrity and efficiency of our registration processes is critical to maintaining public trust in our regulatory system,” FCAA chair and CEO Roger Sobotkiewicz K.C. said. “Authorizing CIRO to carry out these functions, will reduce red tape and improve responsiveness for industry stakeholders while maintaining investor protection.”
However, CIRO’s assumption of this authority is conditional with the orders stating that it must operate under a risk-based oversight framework supervised by the FCAA and must adhere to detailed terms and conditions laid out in Appendix A of the order.
Notably, the FCAA director retains concurrent authority, meaning if CIRO’s actions conflict with a director’s functions, the director prevails.
One of the explicit requirements of the order states:
“CIRO must provide the Director with reasonable prior written notice of any significant proposed changes … and CIRO must not implement the proposed changes until the Director has notified CIRO that the Director has no further questions or comments.”
Registration applications, amendments, and surrender requests will now be processed by CIRO under Saskatchewan’s oversight regime and reflects the broader realignment of self-regulators following the merger of IIROC and MFDA into CIRO, recognized by FCAA since January 1, 2023.
Securities regulators in Alberta, New Brunswick, Newfoundland and Labrador, the Northwest Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island, and Yukon have already granted CIRO the authority to perform registration duties for investment dealers and mutual fund dealers, with those orders taking effect on April 1, 2025. In Québec, the securities regulator issued a comparable delegation order that came into force on July 1, 2025.
“CIRO, like all regulators, has a responsibility to deliver regulation efficiently, effectively and remove duplication. The FCAA’s decision to streamline registration through delegation supports our strategic objective to deliver a more effective registration framework,” president and CEO of CIRO Andrew J. Kriegler said. “We thank the FCAA for their support as we take on these new registration functions. CIRO looks forward to delivering on this new registration framework and continuing to bring value to our members and the investors they serve.”
