Download the PDF:

CIRO – Proposed new guidance on order execution only account services and activities

Letter Summary

The Canadian Investment Regulatory Organization (CIRO) is proposing new guidance that will allow Order Execution Only (OEO) dealers to expand the range of educational resources they can offer to clients, empowering do-it-yourself (DIY) investors to make informed investment decisions for themselves.

DIY investors are increasingly turning to unregulated sources such as online forums, social media and finfluencers to help them make important financial decisions. Recent research from CIRO revealed that many DIY investors were open to additional tools through their DIY investing platform that would provide further information, research, alerts, or education. Many also expressed a desire for more regulation and safeguards to prevent the spreading of misinformation through social media.

At the same time, there is a growing industry consensus that the present limitations on decision-making supports being offered by OEO firms are preventing important information and warnings from reaching DIY investors. To enable greater access to regulated advice, CIRO identified updating the existing guidance on OEO account services as a priority for 2026.

Overview of the Council’s comments:

The Canadian Advocacy Council (CAC) responded to CIRO’s proposed new guidance on Order Execution Only (OEO) account services and activities, expressing overall support for the shift toward a principles-based regulatory framework. The CAC welcomed CIRO’s responsiveness to prior recommendations, particularly regarding platform configuration oversight, enhanced model-portfolio functionality, and caution around finfluencers and copy-trading tools. The CAC encouraged ongoing agile updates to the guidance in response to industry developments.