In late August, IIROC released the final phase of its multi-year consultation to set base line competency profiles for all of its registration categories. This third phase deals with Supervisors, Traders, Associate Portfolio Managers and Portfolio Managers and comments will be accepted on the proposal until December 28th. In IIROC’s parlance, a “competency” is a set of knowledge, behaviour and skills that an individual must have to perform effectively in their role.
Each proposed profile consists of high-level competencies along with numerous sub-competencies specific to the role. For example, the proposed profile for Supervisors consists of three high-level competencies associated with their oversight responsibilities, related to the general regulatory framework, supervisory firm responsibilities and specific supervisory responsibilities related to the individual. With respect to Portfolio Managers and Associate Portfolio Managers, there are a proposed six categories of high-level competencies related to expected relationship, regulatory and technical skills, which focus on the regulatory environment and ethics, investment policy, research and analysis, portfolio construction, portfolio monitoring and servicing institutions. In addition to all of the specific knowledge requirements set out in the relevant sub-competencies, Portfolio Managers and Associate Portfolio Managers must also meet the competencies that had been proposed for Registered Representatives in Phase 1 of the project, as these individuals are also permitted to carry out Registered Representative activities.
IIROC intends to publish the final profiles in advance of the expiry of the current contract held by IIROC’s education service provider; a request for expressions of interest will be sent out later this year as a first step in the procurement process for potential education service providers moving forward.
September 28, 2022