Proposed Proficiency Model — Approved Persons Under the Investment Dealer and Partially Consolidated Rules

CIRO is publishing for comment proposed amendments (Proposed Amendments) to its proficiency rules applicable to investment dealer Approved Persons to reflect the proposed proficiency model.

Highlights of the proposed proficiency model are as follows:

• 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 (CE) training on topics mandated by CIRO annually,
• Baseline education requirements for Registered Representatives (RRs) to include a diploma, degree or four years of relevant work experience, and
• Greater role for CIRO in new program design and ongoing delivery.

On July 7, 2023, CIRO published a Consultation Paper seeking feedback on its proposed 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 model proposed is focused solely on the proficiency regime as it relates to individuals at investment dealers approved by CIRO under the Investment Dealer and Partially Consolidated Rules. CIRO received 27 comment letters from a wide range of stakeholders. The comments have been reviewed and considered in order to determine the Proposed Amendments.