SIMA supports account transfer modernization, urges technology-ready implementation

EmitenTrust.com TORONTO, Oct. 21, 2026 /CNW/ -- The Securities and Investment Management Association (SIMA) applauds the Canadian Investment Regulatory Organization's (CIRO) proposed account transfer rule amendments, which call for implementation timelines tied to tested technology, operational flexibility and coordinated participation across the investment industry.  

In its submission to CIRO, SIMA supports a more flexible approach to modernizing account transfers, provided that reliable, tested transfer technology is available and integrated into firms' policies and operations and that practical requirements remain in place for firms that continue to rely on manual processes.

"We welcome a more flexible, technology-enabled framework," said Andy Mitchell, SIMA's President and CEO. "To ensure success, we encourage continued collaboration across the entire transfer ecosystem so that all participants can provide safer, faster and more reliable transfers."

SIMA's priorities

• Faster, safer transfers. Investors should be able to move accounts between firms more efficiently, with clear communication and strong safeguards against fraud and cybersecurity risks.
• Don't impose deadlines before the technology is ready. Firms should not be required to meet new transfer timelines until reliable, tested transfer technology is available and sufficient time has been provided for implementation.
• Keep the rules flexible. While many transfers can be automated, others involve specialized investments, bulk group-plan transfers, manual processes, or factors outside a firm's control. The rules need to accommodate these situations rather than impose rigid deadlines that could create errors or delays.
• Everyone involved has to do their part. Account transfer delays can arise throughout the transfer ecosystem, including from product manufacturers, custodians, other regulators and other market participants, not just dealers. CIRO should seek comparable commitments from all parties in the transfer ecosystem to ensure timely transfers.
• Protect investors while avoiding unnecessary delays. If an issue affects only part of an account, the unaffected assets should still be transferred where operationally feasible.

About SIMA

The Securities and Investment Management Association empowers Canada's investment industry. It is the leading voice for the securities and investment management industry, which oversees approximately $4.5 trillion in assets for over 20 million investors and Canadian capital markets participants. SIMA 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.

SOURCE Securities and Investment Management Association