IIROC consulting on competency requirements for reps

The Investment Industry Regulatory Organization of Canada (IIROC) has launched a consultation on proposed competency profiles for registered representatives (RRs) and investment representatives (IRs).

The draft competency profiles cover requirements for RRs and IRs in retail and institutional settings and consider the types of products these reps are permitted to trade.

RRs, for example, are required to be proficient in client relationships and regulatory obligations such as know-your-client and suitability requirements. They must also have technical knowledge of investment products.

IIROC has 11 different approval categories. It plans to consult on the competency profiles for the remaining nine categories “in two subsequent phases over the next two years.”

IIROC plans to use competency profiles to establish benchmarks for evaluating providers of licensing courses.

Currently, the Canadian Securities Institute (CSI) is the course provider for IIROC’s licensing requirements. IIROC has extended its contract with CSI until December 2025 and plans to undertake “a competitive procurement process to select a single course provider” once its competency profiles are complete.

Comments on the proposed competency profiles for RRs and IRs are due by Nov. 16.

Staff

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