Request for Comment – Proposed Proficiency Model – Canadian Investment Regulatory Organization (CIRO)
CIRO is publishing for comment proposed amendments (Proposed Amendments) to its proficiency rules applicable to investment dealer Approved Persons in the Investment Dealer and Partially Consolidated Rules to reflect its proposed proficiency model.
Highlights of the proposed proficiency model are:
- Exams for each Approved Person category based on the published competency profiles,
- No mandatory courses as prerequisites to exams,
- Mandatory conduct training upon approval,
- Continuing education training on topics mandated by CIRO annually,
- Baseline education requirements for Registered Representatives to include a diploma, degree or four years of relevant work experience, and
- Greater role for CIRO in new program design and ongoing delivery.
On July 7, 2023, CIRO published a consultation paper seeking feedback on its proposal to change from a course centric proficiency model to an assessment centric proficiency model with some mandatory education and training. CIRO received 27 comment letters from a wide range of stakeholders. CIRO considered the comments received in the Proposed Amendments.
A copy of the CIRO Bulletin, including the text of the Proposed Amendments, is also available on the Commission’s website at www.osc.ca. The comment period ends on September 17, 2024.