CIRO Publishes Consultation Paper on the Proposed Proficiency Model for Approved Persons
July 7, 2023 (Toronto, Ontario) - The Canadian Investment Regulatory Organization (CIRO) released a consultation paper on the proposed proficiency model, for Approved Persons under the Investment Dealer and Partially Consolidated Rules.
This consultation paper builds off the multi-year work undertaken by CIRO and its predecessor organization, the Investment Industry Regulatory Organization of Canada to enhance its proficiency regime with the intention of launching the new standards in 2026.
High proficiency standards play a key role in investor protection and the integrity and efficiency of capital markets. To ensure CIRO approved persons best meet these standards, we undertook a wholesale review of our current model which involved stakeholder consultation and consideration of industry best practices.
CIRO is proposing the proficiency model shift from a course-centric model, with exams tied to courses, to an assessment-centric model with some elements of mandatory education and training. Other key changes proposed the rationalization of the number of examinations, the development of a Professional Code of Conduct along with corresponding mandatory training. CIRO intends to play a larger role in the design and delivery of the program, in partnership with third parties.
"The proposed model is intended to raise the proficiency bar and lower the cost of licensing and entry barriers for end-users," said Renzella. "Our goal is to ensure that our proficiency requirements are current and relevant to our approved persons and their sponsoring firms, and that our model can be more responsive to industry change.”
The Canadian Investment Regulatory Organization (CIRO) is the national self-regulatory organization that oversees all investment dealers, mutual fund dealers and trading activity on Canada’s debt and equity marketplaces. CIRO is committed to the protection of investors, providing efficient and consistent regulation, and building Canadians’ trust in financial regulation and the people managing their investments. For more information, visit www.ciro.ca.