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Norine Wiltshire

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Aug 2, 2024, 8:57:00 PM8/2/24

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The proposed new model would not include any mandatory courses but would require all prospective approved persons to write a general industry exam based on competencies common across all CIRO registration categories. Once the general exam is completed, an individual registrant would require sponsorship from a dealer prior to being permitted to write the additional exams, which will be specific for each approved person category (based on the proposed competency profiles which we have written about most recently here). It is proposed that there will be nine approved person exams available, details of which are found in the consultation paper. After approval for registration is granted, individuals would be required to take a mandatory professional conduct training course within 30 days of approval. In general, CIRO intends to take a larger role in program and exam design than in the past.

It is also proposed that on an annual basis, individuals would be required to engage in 1-3 hours of CE training on key regulatory topics set out by CIRO, as part of the current mandated applicable CE requirements.

Of interest to industry will also be the proposed new baseline education requirements for registered representatives to include a (as yet undefined) relevant diploma, degree, or two years of relevant experience in the financial industry. The consultation paper also notes that CIRO is of the view that each Executive at the dealer, including the UDP, should have the same experience requirements applicable to Supervisors in addition to the existing general experience requirements set out in the rules.

Please look out for a future bulletin from AUM and our friends at BLG LLP with additional information and analysis. In the meanwhile, if you have any questions or wish to comment on the proposal, please reach out to us in advance of the comment deadline of September 20, 2023.

The proposed model would also have no mandatory courses as pre-requisites to exams, include mandatory professional conduct training for approved persons, and require continuing education (CE) training on topics mandated by CIRO annually, among other features.

That same 2014 research concluded that under an open proficiency regime, finding skilled educators with deep and objective experience in the Canadian investment industry to create content would come with higher costs.

While Learnedly was supportive of a general exam to test for competencies shared across all categories, it raised a potential concern over a proposed requirement for firms to sponsor individuals speaking to take an exam to become an approved person.

On Wednesday, the self-regulatory organization (SRO) set out its priorities for the fiscal year ended March 30, 2025, headlined by its ongoing work to integrate its predecessor SROs. This work includes developing a harmonized rulebook, a new fee model, and a common approach to compliance, proficiency and continuing education.

On the oversight front, the SRO said it will complete testing for compliance with the client-focused reforms and finalize a report on its findings with the Canadian Securities Administrators (CSA). It will also begin compliance reviews of fund dealer firms in Quebec.

In the emerging crypto space, the SRO is working with the CSA to develop an oversight framework for crypto platforms, including specific requirements for asset custody and segregation. CIRO is also building surveillance tools to review over-the-counter trading in cryptoassets.

Other policy priorities include customizing rules for ETFs, tracking interest rate derivatives trading, and introducing monitoring for potential manipulation of the new interest rate benchmark, CORRA.

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