Timelines and Implementation Milestones


There will be a three-phased implementation period for the Amendments. The Amendments come into force on the following days after the publication of the Notice of Approval:

  • Phase 1 – 6 months, or October 18, 2019
  • Phase 2 – 27 months, or July 26, 2021
  • Phase 3 – 27 months, or July 26, 2021

Implementation Milestones for Listed Securities


Expected Completion Date

IIROC to publish FIX specifications    April 2020

IIROC to publish Encryption API in Java and C++

August 31, 2020

IIROC Marketplace Certification Window Start Date

September 2020

Dealer Members to return completed Encryption Key Enrollment Forms to IIROC   

(Once the Dealer Member returns the completed Enrollment Form to IIROC, IIROC will provide a testing encryption key to the Dealer Member.)

Mid‑September 2020
Industry Testing   

January 2021 to April 2021

IIROC to deliver production encryption key via secure email with the link for Dealer Member to acknowledge the receipt of the encryption key

February 8, 2021

IIROC and Marketplaces to begin accepting orders from Dealer Members and vendors that include information required under the Client Identifiers Amendments 

April 5, 2021


JULY 26, 2021

Welcome to CIRO.ca!

You can find the Canadian Investment Regulatory Organization (CIRO) at CIRO.ca with our fresh look and feel.

The following sections of the legacy mfda.ca and iiroc.ca sites have been migrated to ciro.ca:

  • Enforcement
  • Hearings
  • Consultations
  • A unified member directory (Dealers We Regulate)
  • Advisor Report

We will continue moving items off MFDA and IIROC in 2024. Stay tuned for future updates.