IIROC seeks comment on proposed changes to CE rules

IIROC has proposed changes to its continuing education (CE) rules.

The changes are meant to “address inconsistencies” and to simplify the CE program, a Jan. 25 request for comments from the SRO said.

IIROC will no longer allow formerly approved persons “to use rewrites of the Canadian Securities Course (CSC) and Conduct and Practices Handbook Course (CPH) to satisfy their CE requirements,” as these are “baseline licensing proficiencies” that shouldn’t qualify, the request for comments said.

Now, there will be no “inconsistent treatment between newly approved and former approved persons,” it adds.

IIROC is also proposing to limit participation in the voluntary participation program (VPP) to former approved persons for only one CE cycle.

“As we continue to review the VPP, there may be only limited courses available on the VPP course list or no additional courses added,” the release said. “An individual may also have to complete one or more than one course on the VPP course list to demonstrate equivalency to the CSC.”

The proposed changes will impact dealer members and former approved persons who will need to take other courses to satisfy CE requirements, rather than using the CSC and CPH, the release said. “We do not believe this is an unreasonable requirement as it results in consistent treatment of new and former Approved Persons.”

The proposed changes have been published for a 30-day comment period ending Feb. 26. Read the full release here.

Further guidance

On Jan. 26, IIROC released a guidance notice about its education program. The SRO noted that it has been engaged in a regulatory review of the CE program, to which it has made only “minor amendments” since 2000.

The guidance offers tips on how the rules should be applied and interpreted. For example, the SRO revisits why the program exists and how the cycles work, as well as how many hours are required based on registration. It also breaks down the rules for different courses, such as the ethics course and wealth management essentials course.

Read the full guidance notice for more.

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