Alongside the increase in rep fees, the SRO will end its cost recovery arrangements with certain provincial regulators, and stop collecting fees through the national registration database (NRD). CIRO said it is taking a “harmonized and simplified approach” to recovering the costs of administering registration. Those costs are estimated at $4.6 million, and include additional staffing costs, the cost of performing background checks and related IT support. At the same time, the SRO must replace revenue that it will lose as it stops collecting NRD fees and ends its cost recovery arrangements with certain provincial securities regulators. In fiscal 2025 (prior to delegation) CIRO collected $1.8 million worth of registration fees, most of which (apart from administrative fees) will be discontinued along with the fee hike.