IIROC publishes Consultation Paper seeking input on proficiency assurance model

Jul 17, 2014, 11:09 ET from Investment Industry Regulatory Organization of Canada (IIROC) - General News

Committed to enhancing proficiency standards

TORONTO, July 17, 2014 /CNW/ - The Investment Industry Regulatory Organization of Canada (IIROC) today published a Consultation Paper seeking to engage industry and other stakeholders on its proficiency assurance model.

IIROC retains the Canadian Securities Institute (CSI) as the exclusive provider for IIROC licensing courses and examinations.  This ten-year service level agreement expires in January 2016.

IIROC is undertaking this consultation as part of a comprehensive review to determine whether the existing proficiency model or another approach best serves the public interest and meets IIROC's regulatory needs, as well as the industry's needs going forward. 

In developing this consultation paper, IIROC has benchmarked its education and testing model against proficiency assurance models being used by other regulators in Canada and internationally.

"High proficiency standards play a critical role in investor protection and the integrity and efficiency of the Canadian capital markets," said Susan Wolburgh Jenah, IIROC President and Chief Executive Officer. "As industry and investor needs evolve, this consultation represents an opportunity to have a meaningful dialogue with all stakeholders to ensure that we continually enhance the standards of proficiency and professionalism in the industry."

IIROC regularly reviews the proficiency standards and continuing education requirements applicable to IIROC registrants to ensure that educational and proficiency content is regularly updated to reflect current marketplace issues and practices.

The Consultation Paper is broad in scope and designed to elicit input and engage stakeholders well in advance of the expiry of the agreement.  The paper poses a number of consultation questions to provide a framework for the consultation and help commenters focus their feedback on key issues.

The comment period is open until November 17, 2014.  IIROC's consultations will also include presentations to and discussions with IIROC member firms, as well as IIROC advisory committees and District Councils, and roundtable discussion groups.

To learn more about the requirements to be approved for the IIROC platform, including IIROC's current curriculum and training program, as well as its ongoing mandatory continuing education requirements, visit - http://www.iiroc.ca/Documents/2014/1fff054c-58d1-45a4-a89e-7568caacd1b1_en.pdf.

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.

SOURCE Investment Industry Regulatory Organization of Canada (IIROC) - General News