For IIROC registrants, the new year comes with new continuing education (CE) rules.
The SRO confirmed in a release that the new rules will be effective Jan. 1, 2018, when the CE cycle will move from a three-year cycle to a two-year cycle.
Changes from the March 2017 proposal are “non-material,” says the release. Revisions are largely for “refinement, reorganization and clarification.”
Two transitional rules have been added:
- Participants who fail to complete CE requirements for the cycle from Jan. 1, 2015, to Dec. 31, 2017, will be subject to current penalties only. (The current monthly fine is $500, up to six months. Going forward, the new penalty will be a one-time $2,500 fine for dealer members and automatic suspension of the participant.) Those who fail to complete current cycle requirements by June 20, 2018, will be automatically suspended.
- Participants can carry forward 20 hours of a single professional development (PD) course from the current CE cycle (ending Dec. 31, 2017) into the next cycle (starting Jan. 1, 2018).
IIROC also says in the release that the Canadian Securities Course, Conduct and Practices Handbook Course, and 30- or 90-day training programs won’t qualify for CE credit (unless otherwise indicated in the new rules).
The SRO will publish guidance to accompany CE implementation.
Read the full CE rules.