In late August, the Canadian Investment Regulatory Organization (CIRO) released Bulletin 23-0096 Proposed Clarifying Amendments to Registration and Proficiency Requirements. The proposed amendments are intended to clarify the proficiency requirements following the implementation of the IDPC Rules on January 1, 2023. Among other changes, CIRO proposes to align the requirements for supervisors of managed accounts with the requirements of other supervisors in Rule 2600, by introducing the requirement to complete the Investment Dealer Supervisor Course and omitting the requirement to have the same relevant investment management experience as portfolio managers. In addition, CIRO has proposed changes to allow an individual registered as an AR or AAR by a securities regulatory authority within the last 90 days (rather than within the last 2 weeks) to take up to three months to complete the Conduct and Practices Handbook Course. Comments on the proposed amendments are due by October 2, 2023.
Meanwhile, on September 25, 2023, CIRO released revised competency profiles for approved persons registered with an investment dealer. New updates profiles have been created for each of the following categories: Registered Representative, Investment Representative, Director, Executive, Ultimate Designated Person, Chief Compliance Officer, Chief Financial Officer, Supervisor, Trader, and Associate Portfolio Manager and Portfolio Manager. Updates to the previously published profiles were made in response to comments, as well as to reflect regulatory changes such as the client-focused reforms, and address inconsistencies that were identified. There were no substantive changes made to the prior versions, although certain competency profiles were restructured. CIRO noted that next steps include initiating an RFP process to lead to the selection of education service providers, as well as a review of relevant proficiency rules to determine what, if any, changes are required. Any proposed rule amendments will be brought to the CIRO board by June 2024.
September 28, 2023