If you meet the four criteria below, you are eligible for CIPF protection:
- You (the client) have an account with a member firm that is disclosed in the records of the firm.
- The member firm has become insolvent.
- The firm, as a result of its insolvency, has failed to return or account for property it was holding on your behalf on the insolvency date.
- You are not considered ineligible for coverage under the CIPF Coverage Policy - see below under “Who Does Not Qualify for CIPF Protection?”
There is no requirement that you live in or be a citizen of Canada.
A member firm is an investment dealer that is a member of IIROC (Investment Industry Regulatory Organization of Canada). Investment dealers that are members of IIROC are also automatically members of CIPF. A list of member firms is available here.
Who Does Not Qualify for CIPF Protection?
The following clients are not eligible for CIPF protection:
- Anyone who materially contributed to the insolvency of the member firm or who has the power to control the firm.
- Directors and general partners of the member firm.
- Some shareholders and limited partners (with 5% or more) of the member firm.
- Other IIROC member firms or firms registered with a securities regulator.