Earlier this month, CIRO released an Amendment regarding individual Approved Person proficiencies. The purpose of the amendment is to eliminate a conflict between National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations and the Investment Dealer and Partially Consolidated Rules concerning the proficiency required for mutual fund only registered representatives who change jobs and are sponsored by a dual registered dealer who wish to continue to transact in exempt market products. The amendment clarifies that mutual fund only licensed individuals sponsored by a dual registered dealer must have the proficiencies to transact in all securities in order to transact in exempt market products.
The change is expected to impact only a small number of individuals, however, the impact on those individuals will be significant. To help mitigate this impact, CIRO advised they are willing to consider granting exemptive relief to give affected individuals sufficient time to upgrade their proficiencies.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
