IIROC announces new proficiency assurance model

Professionalism, transparency and accountability

September 22, 2015 (Toronto, Ontario) – The Investment Industry Regulatory Organization of Canada (IIROC) today announced a new proficiency assurance model designed to ensure the highest level of professionalism among those licensed by IIROC.

This new model is the result of extensive consultations and an in-depth review and analysis that IIROC undertook of its existing model and alternatives, focused on determining how to best serve the public interest, IIROC’s regulatory requirements and the evolving needs of the industry.

“High proficiency standards, rigorous ethical requirements and mandatory continuing education are fundamental to investor protection and the integrity and efficiency of capital markets,” said IIROC President and CEO Andrew Kriegler. “As a public interest regulator, we continue to raise the bar on ethics, proficiency and professionalism.”

The new model envisages selection of a single service provider of IIROC mandated courses and examinations through a transparent and competitive procurement process. As part of the transition under the new model, IIROC has negotiated a five- year contract with the Canadian Securities Institute (CSI).

“This agreement best ensures quality, reliability, accessibility and efficiency in the delivery of education services which are more important than ever given the changing investment landscape,” added Kriegler.

After meeting IIROC’s initial proficiency requirements, registered representatives are expected to stay current and fulfill mandatory continuing education requirements.

The contract announced today focuses on continued improvement in the quality of course content, as well as service requirements for the regulatory courses offered by the CSI. IIROC has also negotiated a new pricing structure that will place caps on price increases.

With the new model taking effect in January 2016, IIROC will continue to work cooperatively with the industry and other stakeholders to optimize proficiency of license holders and to ensure the process is efficient.

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IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada. Created in 2008 through the consolidation of the Investment Dealers Association of Canada and Market Regulation Services Inc., IIROC sets high quality regulatory and investment industry standards, protects investors and strengthens market integrity while maintaining efficient and competitive capital markets.

IIROC carries out its regulatory responsibilities through setting and enforcing rules regarding the proficiency, business and financial conduct of dealer firms and their registered employees and through setting and enforcing market integrity rules regarding trading activity on Canadian equity marketplaces.

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