News Release

SIMA responds to CIRO’s account-transfer rule-modernization proposal

Association supports collaborative, technology-driven approach

October 8, 2025 (Toronto) – The Securities and Investment Management Association (SIMA) has submitted its response to the Canadian Investment Regulatory Organization’s (CIRO) white paper and proposed rule amendments to modernize requirements for account transfers in Canada.

SIMA supports CIRO’s overall goal to improve the timeliness and efficiency of account transfers by setting standardized transfer-process steps and timelines across the securities industry. The association also calls for measured, industry-driven development of technology solutions to streamline transfer processes and collaboration among regulators and technology providers.

“We strongly support CIRO’s overall objectives to improve the client experience and confidence in Canada’s investment industry,” said Andy Mitchell, President and CEO, SIMA. “We believe the best results for investors come from open collaboration, flexibility to accommodate operational realities, and a clear focus on developing practical, effective technology pathways. We look forward to working with CIRO and all stakeholders to ensure Canadians benefit from a fast and secure account-transfer process.”

SIMA’s key recommendations

We support the harmonization of CIRO’s account-transfer rules and welcome efforts to streamline transfers and move toward a 10-clearing-day settlement standard for most transfers. However, we emphasize the need for realistic exceptions for complex transfer cases until improvements in digital solutions and collaboration for standardized processes and timelines across relevant regulators are achieved.

• We urge CIRO to clarify certain concepts, such as “impediments,” and to proceed with a two-workstream approach: immediate enhancements to existing transfer systems (Fundserv and CDS/ATON) for near-term improvement in the securities industry ecosystem, and a longer-term strategy for Canadian financial industry-wide technology upgrades.
• We recommend that technology solutions be competitively selected and governed by industry – not regulators – to foster both innovation and cost-effectiveness, especially for smaller market participants.

SIMA’s submission underscores the need for regulatory coordination between CIRO, the CSA, AMF in Quebec, and other authorities, as well as privacy safeguards and practical implementation timelines.

About SIMA

The Securities and Investment Management Association empowers Canada’s investment industry.  The association is the leading voice for the securities and investment management industry, which oversees approximately $4 trillion in assets for over 20 million investors and the Canadian capital markets. Our members—including investment fund managers, investment and mutual fund dealers, capital markets participants, and professional service providers—are committed to creating a resilient, innovative investment sector that fuels long-term economic growth and creates opportunities for all Canadians.

For more information

Christine Harminc
Director, Communications and Public Affairs
charminc@sima-amvi.ca
416-309-2313