FAQs (2024)

Yes. If the member firm becomes insolvent, CIPF’s role is to ensure that cash balances, securities and other property the firm is holding for its clients are returned to them, within certain limits. However, CIPF does not guarantee the value of the securities. Any claim to CIPF for missing property that is denominated in a foreign currency would be converted into Canadian funds, using the exchange rate in effect on the date of the member firm’s insolvency.

No, CIPF does not protect the value of your GICs. If you have an account with a CIPF member firm, and the CIPF member firm becomes insolvent, CIPF works to ensure that any property (including GICs) being held for you by the firm at that time is given back to you, within certain limits. CIPF does not guarantee what the GIC will be worth.

We are often asked about insurance offered by the CDIC (Canada Deposit Insurance Corporation) on these types of investments. CIPF is not related to the CDIC. For more information about the CDIC, and whether your investment qualifies for CDIC deposit insurance, contact the CDIC at 1 (800) 461-2342 or refer to their website at www.cdic.ca. Please note that CIPF member firms are not the same as CDIC member institutions.

No, CIPF cannot help you to recover losses arising from misleading information or investments in entities that become insolvent.

CIPF’s mandate is limited to ensuring that property held in your account with a member firm at the time of insolvency is returned to you, within certain limits. If you had 100 shares in your account at the time of your broker’s insolvency, and the 100 shares were returned to you but lost some or all of their value, that loss of value is not covered by CIPF.

Other types of losses not covered by CIPF include those resulting from the following:

• fraudulent or other misrepresentations
• a lack of information
• unsuitable investments

Find out more about what CIPF does and does not cover here.

Yes, if the ETF securities are held by a member firm on behalf of an eligible client, the client’s ETF securities are protected by CIPF.

Investing in an ETF gives an investor “units” or “shares” in the fund. If the member firm holding your ETF units or shares becomes insolvent, CIPF’s role is to ensure that the ETF units or shares being held by the member firm for you are returned to you, within certain limits. However, CIPF does not guarantee or protect the value of your ETF investment.

Please see the glossary on this website for more information about exchange-traded funds.

Yes, if the mutual fund securities are held by a member firm on behalf of an eligible client, the client’s mutual fund securities are protected by CIPF.

Investing in a mutual fund gives an investor “units” or “shares” in the fund. If the member firm holding your mutual fund units or shares becomes insolvent, CIPF’s role is to ensure that the units or shares being held by the member firm for you are returned to you, within certain limits. However, CIPF does not guarantee or protect the value of your mutual fund investment.

CIPF protection is also not available to customers for mutual fund dealer account located in Québec, unless the member firm is also registered as an investment dealer. A mutual fund dealer account is considered to be located in Québec for the purposes of CIPF coverage if the office serving the customer is located in Québec.

Since investors can purchase mutual fund securities directly from the mutual fund itself, these securities may be held by the mutual fund for the investor. In this situation, where a CIPF member firm is not holding these securities on behalf of a client, CIPF coverage does not apply.

Please see the glossary on this website for more information about mutual funds.

CIPF member firms are members of Canadian Investment Regulatory Organization (CIRO) that are: (i) investment dealers and/or (ii) mutual fund dealers. Please click herefor a list of CIPF Investment Dealer member firmsand herefor a list of CIPF Mutual Fund Dealer member firms.

CIPF protection is not available to customers for mutual fund dealer account located in Québec, unless the member firm is also registered as an investment dealer. A mutual fund dealer account is considered to be located in Québec for the purposes of CIPF coverage if the office serving the customer is located in Québec.

No, CIPF does not cover losses arising from the insolvency of your portfolio manager. You should contact the securities regulator in the province or territory in which your portfolio manager is located.

In your case, the investment dealer has an arrangement to provide custody and trading services to your portfolio manager and its clients. Although you are a client of both the portfolio manager and the investment dealer, CIPF coverage applies only if the investment dealer becomes insolvent, not the portfolio manager.

Your first course of action should be to contact your firm’s compliance department. If they cannot resolve the issue, contact Canadian Investment Regulatory Organization (CIRO), who is the national self-regulatory organization that regulates investment dealers and mutual fund dealers in Canada. CIPF is not a regulator and has no authority to investigate or regulate its member firms.

If your matter relates to an investment dealer firm, you can contact the IIROC division of CIRO at 1-877-442-4322 or [emailprotected]. If your matter relates to a mutual fund dealer firm, you can contact the MFDA division of CIRO at 1-888-466-6332 or [emailprotected]. If you are not sure, you can contact either IIROC or MFDA division and they will ensure your complaint is directed to the right place.

You may also consider contacting the Ombudsman for Banking Services and Investments (also known as OBSI) for assistance at (416) 287-2877 or 1 (888) 451-4519, or [emailprotected].

Yes, PM contact information may be included on an account statement. If a CIRO member includes PM contact information on the account statement, it must appear on the statement as follows:

However, a CIRO member must not place the PM’s contact information near the CIRO logo or CIPF Membership Identifier (such as directly above, below or beside it), or in a manner that suggests or implies that CIPF coverage applies to losses arising from the insolvency of a PM.

Where a CIRO member has entered into a service arrangement with a PM to provide custodial services to the PM and its customers, the following CIPF disclosure must be placed prominently on the front page of the account statement:

This disclosure on the front page is required in addition to the general requirement for CIRO members to include the CIPF Membership Identifier on the front page and the CIPF Explanatory Statement in all account statements.

CIRO members should note that CIPF coverage applies only if the CIRO member becomes insolvent, not the PM. In accordance with the CIPF Disclosure Policy, CIRO members must not make any false, misleading, or deceptive statements about the nature or scope of coverage provided by CIPF. This includes suggesting or implying that CIPF coverage applies to losses arising from the insolvency of a PM.

This means that prior approval from CIPF is required for any disclosure that:

• was not created by CIPF,
• contains disclosure about CIPF other than what is permitted under the CIPF Disclosure Policy (i.e., disclosure other than the CIPF Membership Identifier, CIPF Explanatory Statement, or the disclosure described in s. 5(b)(i) of the CIPF Disclosure Policy), and
• will be broadly distributed.

Disclosure about CIPF on electronic business sites, including websites and social media, physical business premises, and advertisem*nts are considered by CIPF to be created by a CIRO member for broad distribution. We would be happy to work with you regarding any disclosure about CIPF that you wish to distribute broadly. Please complete and submit the CIPF Exemption and Approval Request Form available on our website here to [emailprotected].

Yes. Any disclosure about CIPF on websites and social media, other than what is permitted under the CIPF Disclosure Policy, must be approved by CIPF in advance. See also FAQ # 38.

We would be happy to work with you regarding any disclosures about CIPF that you wish to create for broad distribution. Please complete and submit to [emailprotected] the CIPF Exemption and Approval Request Form available here.

Yes. A CIRO member must notify CIPF if it discovers that any non-CIRO member with which it has a relationship is making any false statements about the nature or scope of coverage provided by CIPF, including disclosure about CIPF membership. This requirement is only triggered if the CIRO member becomes aware that the non-CIRO member is making false statements. A CIRO member is not required to actively review or monitor statements about CIPF made by related or affiliated non-CIRO members.

A non-CIRO member includes a financial services entity regulated by a securities regulatory authority or by another Canadian financial services regulatory regime such as banking, insurance, deposit-taking, or mortgage brokerage activities. For example, a non-CIRO member in this context could include portfolio manager (PM) that has a service arrangement with a CIRO member.

CIPF aims to provide a final determination on an exemption request generally within 4 to 5 weeks of receiving a completed form, or within 4 to 5 weeks from the date on which, in CIPF’s view, complete information regarding the request has been received by CIPF.

Additional time may be required by CIPF to review requests that are more complex or that would entail a significant departure from the requirements in the CIPF Disclosure Policy. In such instances, CIPF will advise that the review will take longer and will provide an estimate regarding the timing for completion of the review.

There are three versions of the CIPF Explanatory Statement in the CIPF Disclosure Policy:

• an Explanatory Statement for CIRO members registered as investment dealers or as both investment dealers and mutual fund dealers.
• two options of the Explanatory Statement for CIRO members registered as investment dealers or as both investment dealers and mutual fund dealers.

In addition, certain circ*mstances or arrangements may require an alternative Explanatory Statement that is not currently included in the CIPF Disclosure Policy, such as in the case of mutual fund dealer who has an arrangement with an investment dealer, as carrying broker. CIPF approval is required for any alternative Explanatory Statement not included in the CIPF Disclosure Policy. Please contact [emailprotected] for more information.

CIPF Membership Identifiers are provided upon request to [emailprotected].

Please specify the desired format (.eps, .jpeg or .gif) and language (English, French, bilingual) in your request. For the graphic version of the CIPF Membership Identifier, please also specify the colour variant (black, reverse white, or black and taupe).

The CIPF Membership Identifier is available as a graphic and text version. See Appendix A of the CIPF Disclosure Policy for the prescribed formats of the graphic and text versions.

Although there are no specific size requirements for the CIPF Membership Identifier (graphic or text versions), it must be displayed so that it is clearly visible and legible, with:

• good contrast to the background to ensure maximum impact and accessibility, and
• a clear surrounding area without graphic elements or text.

The graphic version of the CIPF Membership Identifier:

• must be produced from a digital master reference available from CIPF by emailing your request to [emailprotected], and
• must not have its design altered in any way, but may be altered with respect to its overall size, provided that the relative proportions and colours are maintained and the content is clearly visible and legible.
• The graphic version is available in three colour variants (black, reverse white, or black and taupe).

The text version of the CIPF Membership Identifier does not have any font, minimum point size or colour requirements.

Yes. The CIPF Official Brochure may be included in a customer application package only if:

• You do not change any aspect of the CIPF Official Brochure
• The pages of the CIPF Official Brochure are not presented on the same page as other content in the customer application package (for example, in a double-sided package, the CIPF Official Brochure cannot be imprinted on the back of a document that is not the CIPF Official Brochure), and
• The CIPF Official Brochure is imprinted, stamped or printed with the legal name of CIRO-regulated firm.

Yes. The CIPF Membership Identifier is permitted on a CIRO member’s trade name’s website provided that:

• it is not a separate legal entity from the CIRO member,
• the full legal name of the CIRO member is also clearly visible, and
• the use of the CIPF Membership Identifier is in compliance with the General Principles of the CIPF Disclosure Policy.

If a CIRO member’s website is part of a combined financial institution group website or if a CIRO member employs dually employed representatives, the CIPF Membership Identifier is to be displayed only on the webpages within the website that relate to activities for which CIPF coverage is available.

However, there is one exception to this rule. The CIPF Membership Identifier can be displayed as part of a banner that is included across multiple or all webpages within the combined financial group website, provided that those webpages that relate to activities for which CIPF coverage is not available include clear and visible disclosure indicating that CIPF coverage does not apply. CIRO members do not need to provide this disclosure to CIPF for approval.

The main things to know are:

• Effective January 1, 2023, CIPF’s name in French was changed to “Fonds canadien de protection des investisseurs” and “FCPI” as the acronym. Accordingly, any references to the Former CIPF’s French name “Fonds canadien de protection des épargnants” or “FCPE” will need to be replaced.
• Effective January 1, 2023, CIPF has a new logo to reflect the amalgamation of the Former CIPF and MFDA IPC. The new logo has been incorporated into CIPF’s Decals and Membership Identifiers. Accordingly, these disclosure materials will need to be replaced.
• CIPF’s Explanatory Statements have changed to refer to CIPF’s two segregated funds (the Investment Dealer Fund and the Mutual Fund Dealers Fund). Accordingly, Explanatory Statements will need to be updated with the applicable Explanatory Statement.
• CIPF’s Official Brochures have been updated to reflect the amalgamation of the Former CIPF and MFDA IPC.
• CIRO members must update any Former CIPF membership disclosures by December 31, 2024. For clarity, CIRO members may update their membership disclosure anytime prior to December 31, 2024.

A two-year transition period was set for the changes required by the CIPF Disclosure Policy. Firms that were members of the Former CIPF and MFDA IPC prior to January 1, 2023 must be in compliance by January 1, 2025. Until then, each CIRO member can continue to comply with the disclosure requirements that were applicable to the CIRO member immediately prior to January 1, 2023 namely, the Former CIPF Disclosure Policy, effective February 10, 2021, or MFDA Rule 5.3.2(e) and MSN-0083. All references in a CIRO member’s disclosure, website and documentation to a predecessor of CIPF will be deemed to be a reference to CIPF.

For clarity, CIRO members may comply with the requirements under the CIPF Disclosure Policy effective January 1, 2023 anytime prior to December 31, 2024.

The Former CIPF Disclosure Policy can be found here. Information regarding MFDA Rule 5.3.2(e) and MSN-0083 can be found here.

Firms granted CIRO membership on or after January 1, 2023, are required to comply with the CIPF Disclosure Policy, on the earlier of: (a) the date the membership is granted, or (b) June 30, 2023.

Members of Former CIPF will need to update the following disclosure materials:

• CIPF Decal;
• CIPF Official Brochure;
• Any graphic versions of the CIPF Membership Identifier on the CIRO member’s website, account statements, and confirmations
• French and bilingual text versions of the CIPF Membership Identifier on the CIRO member’s website, account statements and confirmations;
• replace the Former CIPF Explanatory Statement with the CIPF Explanatory Statement on account statements and confirmations;
• for CIRO members that have a service arrangement with a registered portfolio manager to provide custodial services to the portfolio manager and its customers: ensure the additional disclosure required on account statements under section 9(b) of the CIPF Disclosure Policy, effective January 1, 2023 has been updated with the CIPF French name; and
• any other relevant disclosures mentioning the Former CIPF.

These disclosures must be updated by December 31, 2024. For clarity, CIRO members may update their membership disclosure anytime prior to December 31, 2024.

Former MFDA members must update the Former MFDA IPC disclosure on account statements with the CIPF Explanatory Statement set out in Part B, Section 10 of the CIPF Disclosure Policy.

This disclosure must be updated by December 31, 2024. For clarity, CIRO members may update their membership disclosure anytime prior to December 31, 2024.

After the completion of the two-year transition period ending December 31, 2024, CIRO members registered as mutual fund dealers must:

• be informed by the General Principles, as set out in Section 2 of the CIPF Disclosure Policy, in their reasonable efforts to comply with Parts B and C of the CIPF Disclosure Policy;
• get prior CIPF approval for any disclosures about CIPF created by a CIRO member for broad distribution. This means that prior approval from CIPF is required for any disclosure that:
  • was not created by CIPF,
  • contains disclosure about CIPF other than what is permitted under the CIPF Disclosure Policy (i.e. disclosure other than the CIPF Membership Identifier, CIPF Explanatory Statement, or the disclosure described in s. 5(b)(i) of the CIPF Disclosure Policy), and
  • will be broadly distributed.
Notify CIPF if it discovers that any non-CIRO member with which it has a relationship is making any false, misleading or deceptive statements about the nature or scope of coverage, or the limitations and exclusions from coverage, provided by CIPF, including CIPF membership.

Bill 96, which became law on June 1, 2022, introduced changes to Quebec’s Charter of the French Language regarding the use of non-French trademarks on signs and commercial advertising (including websites). CIPF’s Decals and Membership Identifiers incorporate CIPF’s trademark.

CIRO members in Québec are advised to confirm that use of their selected CIPF Membership Identifier and CIPF Decal are in compliance with the legislation in Québec regarding trademarks on public signs and posters and commercial advertising. The English ‘CIPF’ and French ‘FCPI’ logos, effective January 1, 2023, are expected to be officially registered with the Canadian Intellectual Property Office in and around March 2026.

CIPF Membership Identifiers and CIPF Decals are available exclusively in French.