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CIRE sample lesson

Who does what in securities regulation?

Start with the role, then connect it to the organisation. Follow a worked example and keep the distinction close for your next session.

Compare the roles.

Read across to compare. Read down to focus on one organisation.

Provincial and territorial securities authorities

Main role
Administer and enforce securities and derivatives law within their jurisdictions.
Scope
Legal powers come from provincial or territorial legislation; these authorities also recognize and oversee self-regulatory organisations.
Important distinction
They retain statutory jurisdiction even when functions such as dealer registration are delegated to CIRO.

Canadian Securities Administrators (CSA)

Main role
Coordinate the work of Canada's provincial and territorial securities regulators.
Scope
Support harmonized regulation; national and multilateral instruments are adopted through the relevant jurisdictions.
Important distinction
The CSA is their coordinating association, not a single federal securities commission.

Canadian Investment Regulatory Organization (CIRO)

Main role
Set and enforce self-regulatory requirements for the dealers and trading activity within its scope.
Scope
Oversee investment dealers, mutual fund dealers and trading on regulated marketplaces; perform delegated registration functions.
Important distinction
CIRO is a recognized self-regulator overseen by securities authorities, not the CSA or a legislature.

The provincial and territorial authorities are the CSA's members. They coordinate through the CSA and oversee CIRO as a recognized self-regulator. These are related roles, not three levels of government or three names for one body.

Put the distinction to work.

An analyst reads a harmonized securities instrument and a separate CIRO trading rule. She asks whether they were issued by the same body.

No. The CSA coordinates work across securities authorities, with instruments adopted in the relevant jurisdictions. CIRO sets self-regulatory requirements within its recognized scope. Related requirements can apply to the same dealer without coming from the same legal role.

Keep this in mind.

Start with the role: provincial and territorial authorities supply statutory oversight; the CSA coordinates them; CIRO carries out recognized self-regulation and delegated functions.

Sources for this sample
  1. CIRO — CIRE Syllabus, January 2025

    Canadian Investment Regulatory Organization · Printed p4, Element 1, outcomes 1.1–1.2; illustrative role distinction only.

    Edition / publication: 2025-01

    Checked:

  2. CSA — About Us

    Canadian Securities Administrators · About Us; coordination, provincial/territorial members and investor protection objectives.

    Checked:

  3. CSA — National and Multilateral Instruments

    Canadian Securities Administrators · Opening paragraphs defining national/multilateral adoption and local subordinate legislation.

    Checked:

  4. BC Securities Act, current to September 8, 2026

    King's Printer, British Columbia · Sections 24 (recognition), 26 (self-regulatory duty and information), 27 (commission powers over rules and practices), 28 (hearing and review of action). British Columbia statutory example; not a substitute for other jurisdictions' legislation.

    Edition / publication: 2026-09-08

    Checked:

  5. CIRO — About CIRO

    Canadian Investment Regulatory Organization · Opening mandate and role: national self-regulatory organization and dealer/trading scope. Recognition and regulator oversight are supported separately by CSA recognition hub and oversight MOU.

    Checked:

  6. CIRO — Delegation of additional registration functions

    Canadian Investment Regulatory Organization · Overview; Current State of delegation as at April 1, 2026 (all 13 jurisdictions for ID/MFD firms and associated individuals); applicable delegation orders still control.

    Checked:

  7. CIRO — Equity Markets We Regulate

    Canadian Investment Regulatory Organization · Opening regulatory scope; Cboe Canada/CSE listing and trading descriptions; ICX ATS order-matching description.

    Checked:

  8. CSA — New Self-Regulatory Organization (CIRO): recognition and oversight

    Canadian Securities Administrators · Opening recognition history; Updated Recognition Orders; Updated memorandum of understanding among recognizing regulators regarding oversight of CIRO; last updated July 9, 2026.

    Edition / publication: 2026-07-09

    Checked:

  9. Memorandum of understanding among the recognizing regulators regarding oversight of CIRO

    Canadian Securities Administrators / recognizing regulators · Printed pp1–2, ss1(a) Recognition and 1(b) Oversight Program; p3 s3 Oversight Committee; p4 ss4–7 oversight processes; p5 s9 Authority preserves statutory powers. Current MOU linked from CSA recognition hub checked September 15, 2026.

    Checked:

Your next step

Review the role comparison

Return to the sample and explain the distinction in your own words.

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