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CIRO – Approved Persons Investment Dealer and Partially Consolidated Rules
Letter Summary:
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.
Overview of the Council’s Comments:
CIRO published for comment its proposed amendments to its proficiency rules applicable to investment dealer Approved Persons.
The CAC is pleased that CIRO intends to introduce an exam blueprint or syllabus with information such as topic weightings and sample exams, with the aim of providing sufficient information to enable self-directed study candidates to reasonably prepare for and pass exams.
The CAC made comments acknowledging the changes dropping the proposed requirement for firm sponsorship as part of exam eligibility, but cautioned against unconstrained advertising and business development by exam preparatory vendors and the possibility of misleading representations that could be made to industry aspirants.
The CAC suggests that CIRO should introduce training and continuing education components on issues related to artificial intelligence, diversity, equity, inclusion, Indigenous reconciliation, ESG and climate-related issues, and other emergent developments relevant to the competency profiles. The CAC also made targeted suggestions around transition relating to CFA Program.