Canadian broker-dealers could have one month less to complete routine complaint investigations under amendments proposed by the Canadian Investment Regulatory Organization on 29 October. CIRO wants a national baseline requiring a final response within 60 days, replacing the existing 90-day standard under relevant investment-dealer and mutual-fund-dealer rules. The regulator has not yet adopted the proposal.[1]
The design does not remove the possibility of a 90-day investigation. CIRO would allow up to another 30 days where the complaint is complex, exceptional or affected by circumstances beyond the dealer's control. That extension would be a defined exception, not a blanket replacement for the proposed 60-day duty. The proposal also seeks to maintain fair, thorough and documented investigations and clear communication with the person complaining.[1]
CIRO is proposing amendments to Investment Dealers Partially Consolidated Rule 3700 and Mutual Fund Dealer Rule 300, alongside the relevant provision of its proposed consolidated rulebook when introduced. The regulator's rationale is to reduce differing complaint experiences across provincial boundaries and improve the timeliness with which investors can make decisions about further recourse. Quebec already has a 60-day framework, making national consistency part of the rationale.[1]
Proposed timeline
| Step | Period or status |
|---|---|
| Ordinary final response | 60 days proposed |
| Permitted extension | Up to 30 additional days for defined cases |
| Existing general standard | 90 days |
| Consultation deadline | 27 January 2027 |
A final complaint response differs from a holding letter acknowledging the complaint or an internal decision to begin investigating. For a dealer running multiple client-service systems, shortening the normal clock has implications for case assignment, transaction reconstruction, communications retention and supervisory approvals. Complex execution disputes, account transfers or allegations involving several products may be the cases most likely to test the proposed exception.[1]
The customer benefit would not come from simply sending a faster rejection. CIRO expressly retains the expectation that members investigate carefully and keep an adequate record. Firms that cut an investigation short merely to meet a metric could create a different fairness problem. Conversely, an open-ended use of 'complexity' would weaken the intended two-month baseline.[1]
The rulemaking opened on 29 October 2026 and comments are due on 27 January 2027. Until amendments are approved and take effect, the 60-day figure is a consultation proposal rather than an enforceable nationwide dealer response deadline.[1]
Sources & further reading
- Complaint Handling Resolution Timelines consultation Canadian Investment Regulatory Organization · 29 Oct 2026 · Accessed 30 Oct 2026
- CIRO request for comments on complaint handling resolution timelines British Columbia Securities Commission · 29 Oct 2026 · Accessed 30 Oct 2026