Andrew Kriegler to retire after post-merger integration
The Canadian Investment Regulatory Organization (CIRO) has begun searching for its next president and chief executive officer as it moves beyond its initial merger phase and continues work on rule consolidation, registration delegation, technology modernization and investor protection.
Andrew Kriegler, CIRO’s inaugural president and CEO, will not seek another term and plans to retire next year. His successor will take over as the regulator continues work on a broader agenda that includes cyber resilience, risk-based supervision, complaint handling and more consistent oversight across Canada’s investment industry.
The leadership change comes more than three years after CIRO was created through the amalgamation of the Investment Industry Regulatory Organization of Canada and the Mutual Fund Dealers Association of Canada. The new regulator began operations on January 1, 2023, bringing oversight of investment dealers, mutual fund dealers and their trading activity under one self-regulatory framework.
Since then, CIRO has been working to combine the former IIROC and MFDA systems, create a common governance and operating model, and update its approach to supervision and enforcement.
The next CEO will take over as CIRO continues work on several regulatory files tied to the post-merger framework. CIRO’s fiscal 2027 priorities include completing integration work, publishing a final harmonized rulebook for investment dealers and mutual fund dealers, strengthening cyber resilience, reviewing complaint-handling timelines, and modernizing regulation through technology and automation.
The regulator has also taken on expanded registration functions from securities regulators across Canada. CIRO said national delegation from the Canadian Securities Administrators is now complete for investment dealers, mutual fund dealers and associated individuals across all 13 jurisdictions.
The change is intended to create a more consistent registration process and reduce overlap between CIRO and provincial and territorial securities regulators. For CIRO-supervised firms, that work could affect registration, compliance, reporting, supervision and investor-protection requirements in the coming years.
CIRO board chair Miranda Hubbs said the board is looking for a successor who can continue CIRO’s mandate as the financial marketplace changes.
“The Board is committed to conducting a thorough and disciplined search for CIRO’s next President and CEO. Andrew is providing ample notice of his retirement plans, for which we are grateful. His decision to place the long-term interests of the organization first is typical of his foresight and commitment to CIRO. We are focused on identifying a leader who will build on Andrew’s contributions and continue to advance CIRO’s mandate in a rapidly evolving financial marketplace.”
CIRO said the search is being carried out with Russell Reynolds. In the meantime, Kriegler will remain president and CEO.
