The Investment Industry Regulatory Organization of Canada (IIROC) has proposed amendments to Rule 2650 – Continuing Education Requirements for Approved Persons (the CE Rules). The Proposed Amendments address inconsistencies in the CE Rules, support IIROC’s goal of modernizing and simplifying the CE program, and respond to comments received during the consultation.
The IIAC supported the removal of the provision permitting former Approved Persons to use rewrites of the Canadian Securities Course (CSC) and Conduct and Practices Handbook Course (CPH) to satisfy their continuing education requirements. We supported IIROC’s amendments to the Voluntary Participation Program (VPP) initiative to limit its use to former Approved Persons, and only for one CE cycle. In respect of the approved courses on the VPP list, the IIAC requested that IIROC publish a list that contains only courses that are equivalent to the CSC. We also supported IIROC’s proposal to remove clause 2657(1)(v) which requires Dealer-delivered programs to include a method of evaluation, such as an examination, course work, or case study, and agreed that IIROC’s best practice guidelines for Dealer-delivered programs remains an appropriate policy for content and delivery of CE programs.
The IIAC did not support expanding the types of compliance courses that qualify for CE when offered by a foreign securities dealer or foreign course provider beyond those that are recognized by a foreign securities regulator. Broadening the scope will increase ambiguity around CE qualification criteria and will result in a more cumbersome process for Dealers to evaluate course equivalency for CE credits.
Click here to read our comment letter. If you have any questions, please contact Mustapha Saleem.