How client assets are registered across the channel, cut the way CIRO's proposed Schedule 19 cuts them, the schedule CIRO states was added to assist it in determining fees and assessments.
Schedule 19's basis, by assets.
The operational cut. The gap against the chart beside it is average account size by registration type.
The mutual fund mirror of the custodian question. Asked of mutual fund dealers only.
By assets, beside the accounts cut, fees are charged on assets, and the gap between the two is the size profile of the fee-based book.
A comparison between firm types. Each side is suppressed below five firms.
Schedule 19 proposed DC Form 1
A new monthly, unaudited schedule on CIRO's consolidated form. Mutual fund dealers file ten lines, nominee versus client name, all products versus investment funds only, each excluding and including Quebec, plus client cash. Investment dealers file one much narrower line. CIRO states the schedule 'was added to assist CIRO in determining fees and assessments'.
Assets versus accounts
Both are asked, because they answer different questions. Assets are the basis CIRO will work from. Accounts are the operational load, a KYC refresh or a trade review is the same work whatever the account holds.
The comparison below is between firm types, not an attribution of cost to account types. Nominee-heavy firms also tend to be larger, more often investment dealers, and more often self-clearing, any of which could drive a difference in cost per account.
Investment dealers have never reported assets under administration on Form 1. Their Schedule 19 line is narrow and is not comparable to the mutual fund dealer figures.