Alert:
Mutual Fund Dealer (MFD) Continuing Education (CE) Program
MFD Rules 1.2, 1.2.6 and 900 (collectively the “CE requirements”) came into effect on December 1, 2021. The CE Reporting and Tracking System (“CERTS”) must be used to administer the MFD CE program.
For detailed information regarding the CE requirements, see the following sections:
Rules and Requirements
Guidance and Information
- CE Requirements – Frequently Asked Questions (FAQs)
- CE Reporting and Tracking System (CERTS) – Frequently Asked Questions (FAQs)
MEMBERS
A Member’s primary responsibility for the MFD CE Requirements is to supervise their Participants’ (Approved Persons) compliance with those MFD CE Requirements. In furtherance of this role, Members have the option to accredit their own CE activities and report attendance of their Participants within CERTS. Alternatively, Members may permit their Participants to attend recognized accredited CE activities offered by other Providers where such attendance is reported into CERTS by either the Provider or the Member’s Participants. For further guidance and information on the MFD CE Requirements, please refer to the following:
- Member Guide (PDF)
- New Member Administrator Request (PDF) – To be submitted to CIRO to add Member Administrators on CERTS.
ACCREDITATION
Each MFD CE activity must be accredited by Accreditors recognized by CIRO for the MFD CE Program. Canadian Investment Regulatory Organization (CIRO), under its Investment Dealer (ID) CE Program, and the Chambre de la sécurité financière (CSF) are recognized Accreditors. Members are also recognized Accreditors for the CE activities they provide to their own Participants (also known as “self-accreditation”). Other third parties can apply to CIRO to become recognized as Third Party Accreditors for the Purposes of the MFD CE Program. For further guidance and information on the MFD Accreditation Standards, please refer to the following:
- Accreditation Guide (PDF)
- Third Party Accreditor Application and Agreement (PDF)
- Currently Recognized Accreditors
PARTICIPANTS (Approved Persons)
All Participants in the MFD CE Program must complete the required number of credits in each CE cycle. Each cycle will be 2 years in length, starting December 1 of each odd numbered year. This aligns with the CSF’s continuing education cycle.
Participants registered as Dealing Representatives with an MFD, or as Mutual Fund Dealing Representative at a Dually Registered Member, must take 30 credits total in each cycle, which is comprised of:
- 8 Business Conduct (BC) Credits. A minimum of 1 and maximum of 2 of these Business Conduct Credits must relate to ethics. A single Business Conduct Credit consists of 1 hour of training in educational material that promotes, directs and guides ethical and compliant conduct. It includes education regarding ethical issues, CIRO Rules and Policies, other applicable legislation, and Member’s policies and procedures for complying with regulatory requirements. This would include topics such as conflicts of interest, Know-Your-Client standard and suitability, and complaint handling.
- 20 Professional Development (PD) Credits. A single Professional Development Credit consists of 1 hour of training in educational material that maintains or enhances an advisor’s financial knowledge or proficiency. This would include topics such as products, financial planning, and investment strategies and asset allocation.
- 2 MFD Compliance (MC) Credits. These must be obtained by completing continuing education activities specifically created and designated by CIRO for the purposes of MFD Compliance Credits.
Those Participants who are not Dealing Representatives, but are registered or designated as Chief Compliance Officers (CCOs), Ultimate Designated Persons (UDPs), Branch Managers (BMs), Alternate CCOs or Alternate BMs are required to take 10 credits total in each cycle: 8 Business Conduct credits (1 to 2 in ethics) and 2 MFD Compliance credits.
For further guidance and information, please refer to the following:
PROVIDERS
Members and other organizations (Providers) can offer CE activities to Participants and can report Participant attendance in CERTS.
Please refer to the following for further information and guidance:
- Provider Guide (PDF)
- New Provider Request (PDF)
- New Provider Administrator Request (PDF) – To be submitted to CIRO to add Provider Administrators (Users) to CERTS