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Membership Fees

Upon Amalgamation, CIRO largely maintained the legacy SRO fee structures with necessary modifications as part of the Interim Fee Model (as outlined in MFDA Interim Fee Model – Bulletin #0920-M).

CIRO Mutual Fund Dealers (MFD) annual membership fees are equal to the MFD fee rates multiplied by the average of the Member’s market value of all mutual funds reflected in client accounts (nominee and client name) of a Member located in all of the provinces and territories of Canada except Quebec (“AUA”). For the purpose of calculating the member fee rates for fiscal year 2025 (April 1, 2024 to March 31, 2025), MFD has used the two-year average Member AUA (as reported on Form 1) as of December 31st (2023 and 2024).

The Interim Fee Model also includes a reduced minimum fee for level 2 and 3 MFD Members of $1,500, with the related AUA fee rates under $1 billion reduced by 50%. The minimum fee for level 4 MFD Members remains at $10,000.

The MFD fee rates approved by CIRO Board of Directors for fiscal year 2025 are:

AUA Category Fee Rate Fee Rate for Small Dealers (AUA less than $1 billion)
Less than $500 million of AUA $76.20 per million $38.10 per million
$500 million to $1 billion of AUA $70.20 per million $35.10 per million
$1 billion to $5 billion of AUA $66.20 per million
$5 billion to $10 billion of AUA $61.20 per million
In excess of $10 billion of AUA $57.10 per million

Membership fees will be pro-rated in the first year of membership based on the date of acceptance into membership. Upon acceptance into membership, MFD fees will be calculated based on a pro-rated minimum fee applicable to the level of membership.