How Does CIPF Fit into the Canadian Regulatory System?

CIPF is not a regulator and has no authority to investigate or regulate its member firms. CIPF is funded by its member firms.

CIPF’s role in the Canadian regulatory system is governed by the following agreements:

  • A Memorandum of Understanding between CIPF and the provincial and territorial securities commissions that make up the Canadian Securities Administrators (CSA). This agreement addresses CIPF’s responsibilities for investor protection, as well as the governance, funding and maintenance of CIPF and reporting to the CSA. As provided by securities laws and regulations in many Canadian provinces and territories, certain securities regulators have also issued approval orders in relation to CIPF. CIPF’s mandate is established in these agreements.
  • An Industry Agreement between CIPF and IIROC. IIROC is the national self-regulatory organization for firms that are registered as investment dealers in Canada. This agreement establishes the respective responsibilities of CIPF and IIROC. Under this agreement, IIROC must provide prompt notice to CIPF of any situation that is likely to require a payment by CIPF.