Investment Dealers

Proficiency Rules coming into effect on January 1, 2026 (PDF).

What do investment dealers need to know about the transition from the current model to the new proficiency model?

We are moving to an assessment centric model (i.e. exams) without mandatory courses.

You can find a copy of the new rules which set out the proficiency requirements relating to exams for each Approved Person category, education and experience requirements, dealer training, Conduct Training, and other exemption and transition provisions, through the following link:

CIRO Proficiency Model for Approved Persons under the Investment Dealer and Partially Consolidated Rules

In addition to the above transition and exemption provision, we have published guidance documents on:

Where can I find information on the new CIRO exams?

You can find out more information about the new CIRO exams on the Exam Hub. For each exam type, we have included a syllabus, practice exam and Guide for Studying to assist those taking an exam, and potential education providers who are looking to offer preparatory courses. Dealers should also refer to our Competency Hub for information relating to Approved Person competencies as they consider their Approved Persons’ training needs.

We also have Webcasts that cover key topics from exemptions and transition provisions to Guidance on Firm Training are available here for CE credit.

For information on the required exams for each Approved Person category, please refer to the applicable rule.

How and where will the exams be delivered?

CIRO exams will be offered in-person and through remote, online proctored options. Candidates will be able to register, schedule and pay for exams using new Enrolment and Candidate Portals. Upon completion, they will be issued a confirmation that can be shared with their dealer in order to report those on NRD as needed.

What are the fees for the new exams?

One of the benefits of the new proficiency model is that it has reduced the cost of examination and removed some barriers to entry. More information on fees is available at this link.

Fees can be paid by Candidates through the Enrolment portal. Dealers may choose to have Firm Portal access to allow them access, to pay the fees as well as have access to other candidate information.

The fee for the first exam attempt in an enrolment period is $475. The enrolment period begins when an individual pays the exam fee and continues to a maximum of 12 months, during which time the individual may complete up to three exam attempts for the exam, subject to a retake fee of $300 for each second and third attempt.

There will be a cooling off period of 6 months, associated with those that attempt and fail an exam three times in a 6-month period.

What do I need to know about the Enrolment and Candidate Portals?

Candidates will be able to sign up through the Enrolment and Candidate Portals which will be available in January 2026. Through the portals, candidates can select an exam category, schedule and pay for their exam. Once the exam is successfully completed, candidates will be issued confirmation. See below with regard to information on Firm Portal.

Do we need to report the completion of the new exams on NRD?

Yes. The CIRO exam list will be available on NRD which will allow dealers to report completion as part of their application for approval for an individual.

How can I share information about this with new or current Approved Persons at my dealer?

More information for current Approved Persons can be found on our dedicated sites for New Candidates and Existing Approved Persons.

How do I register and pay candidates fees?

To enrol in an exam, new candidates can sign up through the Enrolment Portal which will be available in January 2026. Through the portal, candidates can select an exam category and pay for their exam.

As an option, dealers may choose to sign up for a Firm Portal. The Firm Portal provides dealers with the ability to purchase (via credit card) and enrol applicants or approved persons in exams directly. Individual and batch enrolment options will be available. Firms will also be able to access exam results and reports relating to candidates, including Conduct Training results for Approved Persons.

For more information on the Firm Portal please contact proficiency@ciro.ca.

Once available, the Firm Portal will be available from this page.

Who needs to complete the Conduct Training?

All new Approved Persons will need to complete the Conduct Training within 30 days of approval. Completion must be reported by the dealer on NRD within 30 days of approval.

All existing Approved Persons, will need to complete the Conduct Training by no later than December 31, 2026. The completion must be reported by the dealer on NRD by no later than December 31, 2026.

What happens once candidates have completed Conduct Training?

Dealers will need to report candidates’ completion on NRD.

Failure to complete, and report on the completion of the Conduct Training, by the above prescribed deadlines, will result in an automatic suspension.

Will the Conduct Training be eligible as CE?

Yes. As part of the current Continuing Education requirements, Approved Persons will be subject to one to three hours of mandatory Continuing Education per year as determined by CIRO. For the first year of the new model (2026) the Conduct Training will satisfy this requirement. Dealers will report this on CIRO Services.

I have Approved Persons that deal in both options and futures and futures options contracts as of January 1, 2025. As there will be the new Derivatives category, do I need to update this on NRD?

Yes. Individuals currently approved to deal in both options and futures, can continue to do so in the new proficiency model as long as they continue in their role, and they will automatically be mapped over to the new product type of derivatives on NRD. They will be subject to mandatory Conduct Training.

For more information on this, please refer to 2600-25-001.

What if we have Approved Persons or new Candidates at the dealer who are in the midst of completing a CSI course or subject to a post-licensing requirement?

Please refer to Transition and Exemption related matters here.

Is there anything else that dealers need to know?

Yes, please review your policies and procedures, including onboarding practices and training to ensure that you are ready for January 1, 2026.

What changes have been made to the Continuing Education requirements?

The CE cycle of 2 years remains the same. The new IDPC rules introduce a new annual CE mandated by CIRO for CE participants. In 2026, the completion of Conduct Training in 2026 will satisfy the annual mandatory CE for 2026. It will account for 3 hours of compliance credits. Dealers will need to report its completion for CE purposes on CIRO Services, in addition to reporting on NRD for post approval purposes within the prescribed timelines.

Please review the new CE rules within new IPDC 2700 (PDF).

Will exams be available online and in person?

Yes. Test locations will be available across Canada. Individuals can schedule an appointment as it fits them. More information about the portals and scheduling will be available for the launch date.

What happens if considering 2629(1) I want to use the courses that are currently applicable for trading in options, or trading in futures contracts, after January 1, 2026?

Under the new model, there will only be one derivatives product category.

Those that are currently qualified to trade in both options and futures, will be mapped over to the new derivatives category.

Under the new model, applying for one of options or futures will not be available as those will be legacy categories. An individual who satisfies the requirements of both options and futures trading, dealing or supervising, and satisfies the 2629(1) conditions can apply to the new derivatives category.

To be clear, 2629(1) does not provide an exemption from the new categories; the options only or futures only categories will not be available as of January 1, 2026 irrespective of the 2629(1) transition provision that is with respect to courses.