Canada’s investment-industry regulator is proposing to cut the standard deadline for investment dealers to respond to investor complaints from 90 days to 60 days, a change that could affect how regulated trading firms handle disputes over margin requirements, execution errors and account transfers.
The Canadian Investment Regulatory Organization (CIRO) published the proposed amendments on October 29, 2026, seeking to establish a consistent complaint-response standard across Canada. The proposal would bring requirements outside Quebec into line with the province’s existing 60-day framework, while allowing an additional 30 days for particularly complex cases or delays beyond a dealer’s control. The consultation remains open until January 27, 2027, and the changes are not yet in force.
The announcement is relevant to investors using regulated Canadian investment dealers, including firms serving retail trading customers. CIRO’s regulated-dealer register includes OANDA (Canada) Corporation ULC and Plus500CA Ltd., both classified as investment dealers. The proposal does not establish that every product or complaint handled by these firms falls within the same regulatory requirements, but it places complaint-handling procedures at regulated dealers under closer scrutiny.
In its October 29 announcement distributed through Canada Newswire, CIRO said the proposed amendments would give investors faster access to a substantive response or an opportunity to escalate unresolved complaints. The regulator also published guidance intended to help dealer members determine when an extension would be appropriate.
CIRO seeks to shorten complaint handling across Canada
Under the current framework, investment dealers outside Quebec generally have 90 calendar days to provide a substantive response to a complaint. Quebec’s framework generally provides 60 days, with an extension to 90 days in exceptional circumstances. CIRO’s proposal would establish a 60-day standard nationally, subject to the additional period permitted for qualifying cases.
The distinction is important because the deadline concerns the firm’s substantive response, not necessarily the final resolution of a dispute or the payment of compensation. A dealer must investigate the complaint, explain its decision and outline the options available to a customer who remains dissatisfied. A shorter response period would not automatically require the firm to concede the complaint or reimburse the investor.
CIRO said its proposed framework is intended to reduce uncertainty and frustration for investors while preserving enough flexibility to investigate complicated cases properly. The regulator’s existing complaint-handling guidance explains the current process, including the requirement for a substantive response and the options available when a complaint remains unresolved.
The proposal follows a broader review of complaint-handling requirements. CIRO identified the issue in its 2027 Annual Priorities, while its 2024 Investor Survey found that 70% of surveyed investors considered the existing 90-day timeframe unreasonable, according to the regulator’s announcement.
The proposed 30-day extension is intended to accommodate cases that genuinely require additional investigation. CIRO’s guidance identifies matters such as disputed suitability assessments, estate or tax issues, multiple accounts, unapproved outside activities, personal financial dealings and complaints involving former employees as circumstances that may require more time.
By contrast, service or administrative matters, transaction errors, margin issues and account transfers would generally be expected to receive a response within 60 days. That distinction makes the proposal particularly relevant to retail trading operations, where customers may dispute how an order was executed, how a margin requirement was applied or how an account transfer was handled.
Why the proposal matters to Canadian FX and CFD brokers
The potential implications extend to regulated dealers that provide trading services, although the precise application will depend on the firm’s registration, product offering and the nature of the complaint.
CIRO’s official dealer register lists OANDA (Canada) Corporation ULC and Plus500CA Ltd among its investment dealers. Its December 2025 list of dealers by peer group also includes GAIN Capital – FOREX.com Canada Ltd., CMC Markets Canada Inc. and Fortrade Canada Limited. These registrations provide a concrete connection between the proposed framework and firms operating in Canadian trading markets.
However, the proposal should not be described as a blanket rule covering every offshore forex or CFD broker accessible to Canadian residents. CIRO oversees investment dealers, mutual fund dealers and trading activity on Canada’s debt and equity marketplaces. Whether a particular broker or product is covered depends on the relevant regulatory arrangements.
For firms within scope, the change could require complaint-management teams to review investigation schedules, escalation procedures and the way they document delays. Margin disputes may require account records, communications, pricing information and evidence of the applicable margin policy. Execution complaints can involve order timestamps, market conditions and system records, while transfer disputes may require coordination between multiple institutions.
Those investigations can be resource-intensive, particularly when a complaint involves several accounts or complex financial circumstances. A shorter standard deadline could encourage firms to identify the core issue earlier, collect relevant evidence more efficiently and communicate their findings more clearly.
Johan Shamshad is a financial markets writer at Dave Finances covering cryptocurrencies, trading platforms, brokers, fintech, financial regulation, and developments across global markets. He previously worked at Gulf News, adding newsroom experience to his coverage of fast-moving financial and digital-asset markets.
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