Powering ahead in 2026
As I stated at our 2025 Annual Leadership Conference last fall, SIMA’s role as the leading voice for the securities and investment industry is rooted in empowerment. Our members helped define and shape this purpose, informing how we support the industry to fuel economic growth, foster innovation, and create greater opportunities for Canadians.
Through proactive engagement with our board and members, we have identified three core priorities to shape our work in 2026: continue to elevate our advocacy, empower members through knowledge and connection, and modernize how we work to better serve our members. While these goals are an extension of the work we started last year, I am excited about the new opportunities ahead.
- Elevating our advocacy and influence
In a rapidly evolving domestic and global environment, strengthening SIMA’s role in regulatory and government affairs is a top priority. We are advancing discussions with regulators and government officials through a more structured and consistent engagement framework, ensuring that industry perspectives are heard early and constructively.
Our joint meeting with the CSA in December continued our annual tradition of sharing an open dialogue on emerging regulatory issues. We are also reinvigorating our government relations with more proactive and solution-oriented engagement with policymakers.
High-impact research will play a central role in informing advocacy priorities. Our upcoming report on finfluencers is one example of how data-driven insights can help shape practical policy discussion and support meaningful regulatory reform that drives real and positive change for Canadians.
- Empowering members through knowledge and connection
As a member-driven association, collaboration and transparency remain at the core of what we do. We want to ensure our work reflects the issues that matter most to our members, whether your organization is an asset manager, investment dealer, capital markets participant or industry partner.
This year, we are enhancing the insights, data, and resources available to members. A key initiative is the development of a dealer data dashboard, which will provide valuable insights and market intelligence tailored to dealer members, along with ongoing improvements to our industry leading stats.
We are also expanding our events, with more webinars and in-person opportunities designed to educate, connect, and support members on priority issues. I am especially looking forward to our first capital markets webinar this quarter—more on that to come.
- Modernizing how we work
To support SIMA’s transformation and broader mandate, we are also focused on fortifying the foundations of how we operate. This includes modernizing our governance structure to sharpen alignment and impact.
We are investing in our infrastructure and internal systems to further strengthen member value and drive greater operational excellence. This includes a new CRM system, member portal, and website, all launching later this year. We are also in the final stages of completing an office move to a space better designed to support in-person meetings, collaboration, and engagement with members, partners, and stakeholders. Together, these changes will help ensure SIMA remains responsive, efficient, and well-equipped to meet the evolving needs of our members.
Our 2026 initiatives are already underway. We will continue to listen, adapt, and evolve based on your feedback. As we move into the year, I am truly looking forward to our continued work together to advance our shared goals.
Year in Review
We have big plans for 2026, but it’s worth looking back to see how we got here.
Check out our 2025 Year in Review to revisit key milestones, including our transformation into SIMA, major advocacy initiatives, and memorable events.
Thank you to our board, members, and partners for your support and contributions throughout 2025.
Year in Review
We have big plans for 2026, but it’s worth looking back to see how we got here.
Check out our 2025 Year in Review to revisit key milestones, including our transformation into SIMA, major advocacy initiatives, and memorable events.
Thank you to our board, members, and partners for your support and contributions throughout 2025..
CIRO’s rule-consolidation project is nearly at the finish line. What now?
By Paul Riccardi, Vice-President, Wealth Managers
For over two years now, we’ve worked closely with our members on the CIRO rulebook-consolidation project.
Fast forward to today, and this important project is approaching the final stage before implementation. So why did CIRO undertake the project, what happens next, and why does it matter?
When the long-awaited merger of the MFDA and IIROC occurred in 2023, it was critically important that the rules of each organization be integrated into a single set of rules (the Dealer Consolidated or DC Rules) that will govern the operations of mutual fund and investment dealers.
That’s why CIRO began its lengthy, multi-phase initiative to create new rules based on extensive stakeholder consultation and feedback from the industry.
We recently sent CIRO our submission for the penultimate phase of the project. Phase 6 (the final phase) is expected to be published for comment in March 2026 and it will be the first time stakeholders have the opportunity to review the proposed aggregated rulebook from start to finish.
Given the size and complexity of the new rules, we strongly urged CIRO to increase their standard 90-day comment period to 120 days to ensure stakeholders—including SIMA members—have adequate time for a thorough review. That takes us to next summer, when CIRO will assess stakeholder comments and assess whether any final changes are needed. CSA members will then review it for final approval.
Once that hurdle is overcome, the implementation period can begin. Putting the rules into action will be a substantial task for all CIRO dealer members who will need to compare the MFDA and IIROC rules to the new DC rules to determine how to adapt their existing policies, procedures, technologies, and compliance programs. After that stage, the training of personnel and operationalization of new policies and procedures, often through technology, will start.
There’s no doubt this will be a heavy lift, but we are committed to supporting our members through each of the remaining stages. Ultimately when we, as an industry, get through to the other side, everyone will benefit as there will be clear and consistent rules to abide by.
Just as importantly, the project will raise the professional bar for every single advisor so they'll be even better educated and have a deeper understanding of the issues in order to expertly advise their clients. What’s become a two-and-a-half-year collaboration between the industry and CIRO will set a new standard for what the Canadian investment industry can achieve for investors.
SIMA Annual Statistics Report 2025
Our annual report on investment industry statistics has been revamped and expanded!
In addition to definitive data on mutual fund and ETF assets and sales, our report now includes key capital markets indicators, reflecting our broader mandate. Read our 2025 report for data-driven insights relied on by members, regulators, government, and media.
SIMA Annual Statistics Report
Our annual report on investment industry statistics has been revamped and expanded!
In addition to definitive data on mutual fund and ETF assets and sales, our report now includes key capital markets indicators, reflecting our broader mandate. Read our 2025 report for data-driven insights relied on by members, regulators, government, and media.
How ready is the industry for Total Cost Reporting?
SIMA recently surveyed members to see how ready firms are for Total Cost Reporting (TCR). The survey focused on whether investment fund managers (IFMs) and dealers can send and use fund expense ratios (FER) and daily cost-factor data with the ultimate goal of including fund-management costs in clients’ Annual Report on Charges and Compensation (ARCC) by January 2027.
What we heard from IFMs
IFMs say they are in good shape for the January 2026 TCR requirements. Most of what’s left to do depends on vendors finalizing files and formats so firms can wrap up testing and integration work.
How ready is the industry for Total Cost Reporting?
SIMA recently surveyed members to see how ready firms are for Total Cost Reporting (TCR). The survey focused on whether investment fund managers (IFMs) and dealers can send and use fund expense ratios (FER) and daily cost-factor data with the ultimate goal of including fund-management costs in clients’ Annual Report on Charges and Compensation (ARCC) by January 2027.
What we heard from IFMs
IFMs say they are in good shape for the January 2026 TCR requirements. Most of what’s left to do depends on vendors finalizing files and formats so firms can wrap up testing and integration work.
Where dealers stand
Dealer readiness to receive and use TCR data ranges from early build stages to fully implemented solutions, which is mainly because of complex system-integration needs. Even so, dealers say most of their remaining uncertainty is tied to vendor timing and not to their own internal readiness.
Looking ahead to the 2027 ARCC
Not surprisingly, readiness for 2027 ARCC reporting is less advanced, but confidence is still extremely high at 96 per cent. Many dealers are now fine-tuning statement templates and logic and are waiting on sample outputs from vendors before kicking off full end-to-end testing, which they expect to run through 2026.
The key hurdle
Across the board, third-party vendor readiness stands out as the biggest pressure point, given firms’ reliance on external providers for file transmission, testing support, and foreign fund data. Despite this, the overall message is that the industry is on track for TCR.
Sharing results with regulators
SIMA shared these findings with both the CSA and CIRO at a joint meeting in December. This was an important opportunity to show regulators that the industry is progressing well toward full TCR implementation.
TCR Communications Task Force
The industry is making steady progress towards implementing Total Cost Reporting (TCR). As of January 1, firms began collecting data on all embedded investment costs for investment funds and segregated funds. Dealers will be required to include these costs in their annual client statement reports, beginning in 2027.
SIMA’s TCR Communications Task Force continues to support members by providing relevant materials and tools. With member feedback and direction from the group, we have updated our FAQs and sample scenarios. We have also developed TCR myths and facts to help strengthen investor communications.
You will need to log into our website to access all TCR materials.
Driving Canada’s competitiveness forward
At the end of 2025, SIMA joined the Canadian Chamber of Commerce’s Hill Day in Ottawa. The two-day agenda included meetings with senior officials from Finance, the Prime Minister’s Office, ISED (Innovation, Science and Economic Development Canada), The Treasury Board, and the Privy Council Office, in addition to opposition critics.
Throughout these meetings, a clear consensus emerged: strengthening Canada’s competitiveness and productivity is essential to supporting economic prosperity. To get there, officials consistently emphasized the need to reduce red tape, attract investment to drive national projects, and foster a culture shift toward faster decision-making and execution. Labour-mobility challenges and fragmented regulations were repeatedly cited as constraints on growth and productivity. Federal officials also acknowledged the role they can play in coordinating regulatory cooperation among the provinces, positioning regulatory modernization as one of the lowest-cost productivity levers available.
The themes raised throughout Hill Day align closely with our advocacy priorities, creating meaningful opportunities to advance our work in the year ahead. These include reducing regulatory burden through greater harmonization, supporting capital formation by unlocking private capital through innovative tax approaches, modernizing Canada’s retirement system, and advancing investor protection and financial literacy.
While in Ottawa, we also met with federal officials to discuss our recent research on private retirement savings and our Retirement Savings Action Plan. We will continue these conversations in the months ahead as part of our ongoing policy work.
The strong alignment between the government’s priorities and SIMA’s strategic focus positions us well to contribute meaningfully to policy discussions in 2026 as federal officials seek practical solutions to improve Canada’s competitiveness and productivity.
Driving Canada's competitiveness forward
At the end of 2025, SIMA joined the Canadian Chamber of Commerce's Hill Day in Ottawa. The two-day agenda included meetings with senior officials from Finance, the Prime Minister's Office, ISED (Innovation, Science and Economic Development Canada), The Treasury Board, and the Privy Council Office, in addition to opposition critics.
Throughout these meetings, a clear consensus emerged: strengthening Canada's competitiveness and productivity is essential to supporting economic prosperity. To get there, officials consistently emphasized the need to reduce red tape, attract investment to drive national projects, and foster a culture shift toward faster decision-making and execution. Labour-mobility challenges and fragmented regulations were repeatedly cited as constraints on growth and productivity. Federal officials also acknowledged the role they can play in coordinating regulatory cooperation among the provinces, positioning regulatory modernization as one of the lowest-cost productivity levers available.
The themes raised throughout Hill Day align closely with our advocacy priorities, creating meaningful opportunities to advance our work in the year ahead. These include reducing regulatory burden through greater harmonization, supporting capital formation by unlocking private capital through innovative tax approaches, modernizing Canada's retirement system, and advancing investor protection and financial literacy.
While in Ottawa, we also met with federal officials to discuss our recent research on private retirement savings and our Retirement Savings Action Plan. We will continue these conversations in the months ahead as part of our ongoing policy work.
The strong alignment between the government’s priorities and SIMA’s strategic focus positions us well to contribute meaningfully to policy discussions in 2026 as federal officials seek practical solutions to improve Canada's competitiveness and productivity.
SIMA meets with regulators
By Paul Riccardi, Vice-President, Wealth Managers
Every year, SIMA members and senior staff meet with the Canadian Securities Administrators (CSA) to tackle important issues of common interest. The format of these meetings has evolved to include more substantive discussion, problem-solving, and working in partnership toward meaningful progress.
Digitization
Following a digitization discussion at our 2023 annual joint meeting, SIMA and the OSC established a working group to drive forward the delivery of continuous-disclosure documents (digitization). And so, at our most recent annual meeting in December 2025, we were very pleased to hear that the CSA has reached internal consensus on a digitization framework, after extensive engagement with SIMA as well as CSA investor advisory panels. The CSA told us they plan to publish a high-level proposal for the framework and gather stakeholder feedback this year.
Other important topics discussed at the meeting included LTAFs and U.S. ETFs. Here’s a brief summary.
Long-term asset funds (LTAFs)
The OSC’s 2024 proposal positioned LTAFs as a long-term policy objective aimed at opening the “last untapped product frontier” in private markets, while acknowledging dealer/advisor concerns about due diligence, supervision, and audit implications.
Regulators highlighted investor-protection risks, drawing lessons from labour-sponsored fund challenges. They emphasized the need for robust standards and investor education, and raised questions about whether the current 10 per cent illiquid-asset limit for investment funds should be increased to support retail exposure.
SIMA members showed varying levels of enthusiasm, with some highlighting significant interest and others expressing uncertainty about the true level of retail demand and how to distinguish LTAFs from problematic legacy structures while maintaining appropriate investor protections.
Subsequent to the meeting, the OSC asked SIMA to organize LTAF roundtable sessions with OSC and SIMA members to explore potential distribution challenges and solutions.
U.S. ETFs
SIMA highlighted U.S. ETFs as a significant market-structure issue. These funds have a large and rapidly growing product universe, with a quarter of Canadian investor assets already in U.S. ETFs.
OSC and industry participants discussed tax and securities regulatory asymmetries between U.S. and Canadian ETFs that advantage the American products, such as GST on Canadian ETFs but not on U.S. ones, U.S. ETFs’ superior capital gains efficiency, distribution and registration issues applicable to Canadian but not U.S. ETFs, and whether the securities regulatory differences are appropriate for the distribution of U.S. ETFs in Canada’s markets.
Some industry stakeholders stressed that structural tax, securities regulatory, and cost disadvantages threaten the health of the Canadian ETF ecosystem and hinder independent Canadian ETF managers and new entrants.
SIMA meets with regulators
By Paul Riccardi, Vice-President, Wealth Managers
Every year, SIMA members and senior staff meet with the Canadian Securities Administrators (CSA) to tackle important issues of common interest. The format of these meetings has evolved to include more substantive discussion, problem-solving, and working in partnership toward meaningful progress.
Digitization
Following a digitization discussion at our 2023 annual joint meeting, SIMA and the OSC established a working group to drive forward the delivery of continuous-disclosure documents (digitization). And so, at our most recent annual meeting in December 2025, we were very pleased to hear that the CSA has reached internal consensus on a digitization framework, after extensive engagement with SIMA as well as CSA investor advisory panels. The CSA told us they plan to publish a high-level proposal for the framework and gather stakeholder feedback this year.
Other important topics discussed at the meeting included LTAFs and U.S. ETFs. Here's a brief summary.
Long-term asset funds (LTAFs)
The OSC’s 2024 proposal positioned LTAFs as a long-term policy objective aimed at opening the “last untapped product frontier” in private markets, while acknowledging dealer/advisor concerns about due diligence, supervision, and audit implications.
Regulators highlighted investor-protection risks, drawing lessons from labour-sponsored fund challenges. They emphasized the need for robust standards and investor education, and raised questions about whether the current 10 per cent illiquid-asset limit for investment funds should be increased to support retail exposure.
SIMA members showed varying levels of enthusiasm, with some highlighting significant interest and others expressing uncertainty about the true level of retail demand and how to distinguish LTAFs from problematic legacy structures while maintaining appropriate investor protections.
Subsequent to the meeting, the OSC asked SIMA to organize LTAF roundtable sessions with OSC and SIMA members to explore potential distribution challenges and solutions.
Watch our LTAF webinar
U.S. ETFs
SIMA highlighted U.S. ETFs as a significant market-structure issue. These funds have a large and rapidly growing product universe, with a quarter of Canadian investor assets already in U.S. ETFs.
OSC and industry participants discussed tax and securities regulatory asymmetries between U.S. and Canadian ETFs that advantage the American products, such as GST on Canadian ETFs but not on U.S. ones, U.S. ETFs’ superior capital gains efficiency, distribution and registration issues applicable to Canadian but not U.S. ETFs, and whether the securities regulatory differences are appropriate for the distribution of U.S. ETFs in Canada’s markets.
Some industry stakeholders stressed that structural tax, securities regulatory, and cost disadvantages threaten the health of the Canadian ETF ecosystem and hinder independent Canadian ETF managers and new entrants.
Building a hub for collaboration in capital markets
By Todd Evans, Vice-President, Capital Markets
If 2025 was about kickstarting SIMA’s capital markets advocacy efforts, this year will be dedicated to expanding our reach and strengthening our support for market participants.
In collaboration with our member working groups, we now have several submissions under our belt. In the last half of 2025, we provided feedback to regulators on a range of issues, including ETF regulation, trading practices, and Canada’s clearing and settlement infrastructure. The enthusiasm from our members has fueled this work and will continue to drive our engagement with regulators.
Looking ahead, one of our most significant goals for 2026 is the development of voluntary frameworks for equity- and debt-syndication practices. These frameworks will act as an updated reference tool for our members, regulators, and other market participants. With SIMA’s guidance, members of our FIC and Equity working groups have already started to put the pieces together with the aim of having the debt and equity voluntary frameworks up and running by the end of Q1 and Q2, respectively.
In the more immediate future, we’re excited to host our first capital markets webinar, focused on growing Canadian debt issuance. I’m looking forward to hearing from our line-up of experts who will dive into topics like higher-trending gross debt issuance in Canada, target debt-maturity profile, and the role of domestic and international investors. But don’t be intimidated if you’re not familiar with the capital markets space; we encourage all members to attend this webinar and learn something new!
Less than a month into the new year, I’m confident the game plan we’ve mapped out will help strengthen Canadian markets and reinforce SIMA as a trusted voice for our sector.
Building a hub for collaboration in capital markets
By Todd Evans, Vice-President, Capital Markets
If 2025 was about kickstarting SIMA’s capital markets advocacy efforts, this year will be dedicated to expanding our reach and strengthening our support for market participants.
In collaboration with our member working groups, we now have several submissions under our belt. In the last half of 2025, we provided feedback to regulators on a range of issues, including ETF regulation, trading practices, and Canada’s clearing and settlement infrastructure. The enthusiasm from our members has fueled this work and will continue to drive our engagement with regulators.
Looking ahead, one of our most significant goals for 2026 is the development of voluntary frameworks for equity- and debt-syndication practices. These frameworks will act as an updated reference tool for our members, regulators, and other market participants. With SIMA’s guidance, members of our FIC and Equity working groups have already started to put the pieces together with the aim of having the debt and equity voluntary frameworks up and running by the end of Q1 and Q2, respectively.
In the more immediate future, we’re excited to host our first capital markets webinar, focused on growing Canadian debt issuance. I’m looking forward to hearing from our line-up of experts who will dive into topics like higher-trending gross debt issuance in Canada, target debt-maturity profile, and the role of domestic and international investors. But don’t be intimidated if you’re not familiar with the capital markets space; we encourage all members to attend this webinar and learn something new!
Less than a month into the new year, I’m confident the game plan we’ve mapped out will help strengthen Canadian markets and reinforce SIMA as a trusted voice for our sector.
Karim Harji
Director of IT Strategy & Transformation
Our digital-transformation journey is underway, with each step enabling us to better support our members. Leading the way is our new Director of IT Strategy & Transformation, Karim Harji. We sat down with Karim to discuss what’s next for SIMA, how he really feels about the Toronto Maple Leafs, and more.
Tell us about yourself
I was born and raised in Toronto and studied chemical and biomedical engineering at McMaster University. Once I graduated, I took a hard pivot into project management and IT. At face value, engineering and project management are very different, but the ideology behind how you run operations and process improvement is all the same.
How did you get into the investment industry?
My first job was as a business analyst at a currency-exchange company, and then I held project-management roles in medical device-manufacturing and software-developments companies. I earned my MBA from Carnegie Mellon University before joining SIMA.
The best part of project management is adapting to each industry. You learn things you’ve never applied before and take different tools from different places and incorporate them.
Describe your role in five words or less
Technology modernization and IT improvement.
What are some key projects you have in store for 2026?
We’re focused on building a solid base for our IT infrastructure and business continuity, making sure things are safe and secure with backups in case things ever go wrong. We are finding ways to improve our daily workflow and processes with AI tools. I’ve also been engaged with the new CRM project on the technology side.
What’s something that would surprise people about you?
I bake a lot. Tiramisu, cheesecake, trifle, and sugar-free zucchini brownies.
I also play in a few hockey leagues as a goalie. And, like any Torontonian, I root for the Leafs. I have faith they’ll win the Stanley cup eventually!
What’s your favourite part about working at SIMA?
I’m really enjoying working with such kind and smart people. Everybody helps each other. When people work hard and show up every day with their best, it makes you want to do your best as well.
Karim Harji Director of IT Strategy & Transformation
Our digital-transformation journey is underway, with each step enabling us to better support our members. Leading the way is our new Director of IT Strategy & Transformation, Karim Harji. We sat down with Karim to discuss what’s next for SIMA, how he really feels about the Toronto Maple Leafs, and more.
Tell us about yourself
I was born and raised in Toronto and studied chemical and biomedical engineering at McMaster University. Once I graduated, I took a hard pivot into project management and IT. At face value, engineering and project management are very different, but the ideology behind how you run operations and process improvement is all the same.
How did you get into the investment industry?
My first job was as a business analyst at a currency-exchange company, and then I held project-management roles in medical device-manufacturing and software-developments companies. I earned my MBA from Carnegie Mellon University before joining SIMA.
The best part of project management is adapting to each industry. You learn things you've never applied before and take different tools from different places and incorporate them.
Describe your role in five words or less
Technology modernization and IT improvement.
What are some key projects you have in store for 2026?
We're focused on building a solid base for our IT infrastructure and business continuity, making sure things are safe and secure with backups in case things ever go wrong. We are finding ways to improve our daily workflow and processes with AI tools. I’ve also been engaged with the new CRM project on the technology side.
What’s something that would surprise people about you?
I bake a lot. Tiramisu, cheesecake, trifle, and sugar-free zucchini brownies.
I also play in a few hockey leagues as a goalie. And, like any Torontonian, I root for the Leafs. I have faith they’ll win the Stanley cup eventually!
What’s your favourite part about working at SIMA?
I’m really enjoying working with such kind and smart people. Everybody helps each other. When people work hard and show up every day with their best, it makes you want to do your best as well.
Call for speakers!
Are you an industry professional who can bring fresh insights, spark discussion, and share valuable perspectives on industry-specific topics? Whether you’re interested in delivering a keynote, joining a panel, or leading an interactive session, we’d love to hear from you.
SIMA is inviting speakers to join our 2026 roster of events, from our annual conference and webinars to community-focused networking sessions held throughout the year.
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- AI
- tokenization
- financial advice
- protecting investors from fraud and scams
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Call for speakers!
Are you an industry professional who can bring fresh insights, spark discussion, and share valuable perspectives on industry-specific topics? Whether you’re interested in delivering a keynote, joining a panel, or leading an interactive session, we’d love to hear from you.
SIMA is inviting speakers to join our 2026 roster of events, from our annual conference and webinars to community-focused networking sessions held throughout the year.
Key themes this year include:
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- AI
- tokenization
- financial advice
- protecting investors from fraud and scams
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Save the date: upcoming events
- What’s Happening to Canadian Debt? Understanding the Forces at Play – February 25, online webinar
- AMVI Conference – May 13, Montreal, Quebec
- SIMA/Fundserv Golf Classic – June 2, Lionhead Golf Club, Brampton, Ontario
- SIMA Annual Leadership Conference – October 29, Fairmont Royal York, Toronto, Ontario
Save the date: upcoming events
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-
- What’s Happening to Canadian Debt? Understanding the Forces at Play – February 25, online webinar
- AMVI Conference – May 13, Montreal, Quebec
- SIMA/Fundserv Golf Classic – June 2, Lionhead Golf Club, Brampton, Ontario
- SIMA Annual Leadership Conference – October 29, Fairmont Royal York, Toronto, Ontario
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