Professionalism, transparency and accountability
TORONTO, Sept. 22, 2015 /CNW/ - 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
"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
"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
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.
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
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