ADVANCEMENTS IN REGISTRATION REQUIREMENTS FOR INVESTMENT ADVISORS AND MUTUAL FUND REPRESENTATIVES
On September 19, 2022, the North American Securities Administrators Association (NASAA), which includes U.S. state and Canadian provincial regulators, announced that its membership has voted to approve two model rules that extend the validity periods of certain examinations for broker-dealer agents and investment adviser representatives to five years through the completion of annual continuing education. Designed to provide flexibility for registered individuals that may want or need to take a leave from their role, IIAC Members will find that this advancement marks a significant change from the current regulatory requirement where, under NI 31-103 Part 3.3(2), an individual had to be registered and/or qualifying examinations had to have been passed, within 36 months from the date of application. The IIAC will be monitoring for further details and will provide further guidance as it becomes available. Positioning on this announcement can also be found here.