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A nationwide postal strike or lockout may occur as early as November 3, 2004. Dealer Members must take steps to ensure that document delivery requirements prescribed under CIRO Rules continue to be met.
Proficiency — FAQ
Introduction
The responses to these Frequently Asked Questions (FAQs):
- are based on current information and may be modified if there are subsequent changes that apply.
We encourage any specific inquiries and questions to be sent to [email protected].
Background Information
1. What is the CIRO Proficiency Initiative?
2. Why is CIRO moving forward with this Initiative?
3. When will CIRO launch the new Proficiency Program?
Impact on CIRO Investment Dealer Registration and Proficiency
4. How will the Proficiency Initiative impact the current proficiency requirements?
5. How will current CIRO Investment Dealer Approved Persons be affected?
Procurement Process
6. How does the CIRO Proficiency Initiative procurement process work?
7. How will CIRO evaluate vendor proposals and select Vendor(s)?
8. Who can I contact at CIRO if I have questions?
Program Transition
9. How will the transition to the new program work?
SRO Consolidation
10. How does the IIROC/MFDA merger affect the Proficiency Initiative?
11. Does the CIRO Proficiency Initiative apply to mutual fund dealers?
Background Information
1. What is the CIRO Proficiency Initiative?
The objective of CIRO’s Proficiency Initiative is to implement an enhanced proficiency regime for CIRO's Investment Dealer approval categories. This includes developing competency standards for each CIRO Investment Dealer approval category, a procurement process to select examination service provider(s) and implementation of the new program.
2. Why is CIRO moving forward with this Initiative?
Proficiency standards are a cornerstone of the CIRO regulatory regime. High proficiency standards play a key role in investor protection and the integrity and efficiency of capital markets. CIRO’s goal is to create, maintain and promote high proficiency standards for those individuals approved by CIRO.
Central to CIRO’s current proficiency regime are the delivery of mandatory education courses and related examinations. Currently, these services are provided by a single education services provider via an agreement which will expire in December 2025.
Visit the Background links to learn more about CIRO’s consultation process relating to the Initiative and competency standards development work.
3. When will CIRO launch the new Proficiency Program?
The new program is targeted to launch January 2026.
Impact on CIRO Investment Dealer Registration and Proficiency
4. How will the Proficiency Initiative impact the current proficiency requirements?
The current proficiency requirements for Investment Dealer Approved Persons will not be impacted by the Proficiency Initiative at this time. However, we will be reviewing the proficiency requirements in due course to determine what, if any, changes need to be made in advance of January 2026.
5. How will current CIRO Investment Dealer Approved Persons be affected?
There is no impact to current CIRO Investment Dealer Approved Persons.
Any changes to the proficiency requirements will be communicated in advance of January 2026. While continuing education (CE) is not part of this initiative, we will assess what impact it will have on our CE regime and advise of any consequential changes.
Procurement Process
6. How does the CIRO Proficiency Initiative procurement process work?
CIRO’s Proficiency Initiative procurement process is being conducted in two stages – (1) a Request for Expression of Interest (REOI), and (2) a Request for Proposal (RFP).
CIRO issued an REOI in October 2022, where we received responses from thirty-two organizations. In October 2023, CIRO subsequently invited prospective examination services providers to the RFP stage. CIRO anticipates making a final selection by early Summer 2024.
7. How will CIRO evaluate vendor proposals and select Vendor(s)?
Organizations invited by CIRO to participate in the RFP process will receive details on the evaluation approach in the RFP document.
8. Who can I contact at CIRO if I have questions?
Any questions can be directed to [email protected].
Program Transition
9. How will the transition to the new program work?
Details regarding the transition to the new program will be communicated in advance of its launch.
SRO Consolidation
10. How does the IIROC/MFDA merger affect the Proficiency Initiative?
CIRO recognizes that efforts to enhance the proficiency regime will take place in the context of the amalgamation of IIROC and the Mutual Fund Dealers Association of Canada (MFDA), which was completed on December 31, 2022. Any future considerations to enhance the proficiency regime relating to mutual fund dealers will be done in collaboration with the Canadian Securities Administrators (CSA) which registers firms and individuals in this registration category.
11. Does the CIRO Proficiency Initiative apply to mutual fund dealers?
No, it does not apply to mutual fund dealers. See answer to question 10.