Consultation Paper – Proposed Proficiency Model- Approved Persons under the Investment Dealer and Partially Consolidated Rules

Over the last few years, the Canadian Investment Regulatory Organization (CIRO), through its predecessor organization, the Investment Industry Regulatory Organization of Canada (IIROC), has undertaken a multi-year initiative to enhance its proficiency regime with the intention of launching the new standards in 2026. Proficiency standards are a cornerstone of the CIRO regulatory regime. High proficiency standards play a key role in investor protection and the integrity and efficiency of capital markets. CIRO’s goal is to create, maintain and promote high proficiency standards and a robust proficiency regime in the investment industry.

As part of this initiative, CIRO is seeking feedback on its proposed proficiency model. CIRO is proposing the proficiency model shift from a course centric model with exams tied to courses, to an assessment centric model with some mandatory education and training.

The proposed model is intended to deliver the following benefits:

• Raise the proficiency bar,
• Lower the cost of licensing and entry barriers for end-users,
• Improve alignment to firm training,
• Improve program currency and relevancy and be more responsive to industry change.