MFDA releases CE rules for comment

The Mutual Fund Dealers Association of Canada (MFDA) has proposed new rules for continuing education.

The organization released proposals for comment on Thursday detailing who can be recognized as accreditors, the criteria that accreditors must use, and continuing education (CE) eligibility periods.

Following an initial consultation, the MFDA is now proposing that it would not be recognized as an accreditor, but that the Investment Industry Regulatory Organization of Canada (IIROC) and the Chambre de la sécurité financière would be.

MFDA members and other third parties could be recognized, too, subject to certain conditions set out in the proposals.

Last year, regulators approved rules that establish CE requirements for dealers and reps, but those measures have yet to take effect.

The MFDA had hoped to launch its CE program by the end of the year, but that timing is likely to be disrupted by the fallout from the Covid-19 outbreak, which has taken priority with the industry and regulators alike.

The proposals are out for a 135-day comment period, which ends Aug. 10.

Most rule proposals get 90-day comment periods, but regulators have extended policy comment periods by 45 days due to the pandemic.

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.