IIROC offers temporary relief related to CSI exams

By James Langton | June 5, 2020 | Last updated on June 5, 2020
1 min read
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Reps prevented from meeting certain proficiency requirements due to the Canadian Securities Institute (CSI) halting its in-person exams are now eligible for relief from the Investment Industry Regulatory Organization of Canada (IIROC).

In a notice, IIROC updated the status of exemptions being provided to dealers and reps due to compliance challenges created by the Covid-19 outbreak.

Since the pandemic emerged, IIROC has been granting relief to firms in various areas where compliance is difficult — if not impossible — due to physical distancing requirements imposed by public health authorities.

The areas where IIROC considers exemption applications include certain audit procedures, supervision requirements and client signature requirements, among others.

Additionally, the self-regulatory organization’s board has approved granting relief to reps who don’t meet post-approval proficiency requirements due to the CSI suspending exams amid Covid-19.

Without an exemption, some reps would be suspended and dealers may be unable to register people in key positions, such as ultimate designated person, chief financial officer and chief compliance officer, IIROC noted.

“The relief in each case is conditional on the individual completing the outstanding requirements within 120 days of CSI resuming in-person examinations,” it said.

The notice also indicated that, so far, IIROC has received 94 applications for relief from 46 different firms from all regions, and that most of the relief sought has been granted.

A number of applications for relief were still under review as of May 31.

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James Langton

James is a senior reporter for Advisor.ca and its sister publication, Investment Executive. He has been reporting on regulation, securities law, industry news and more since 1994.