Securities industry professionals work in a fast-paced environment where it's important to have the knowledge to stay on top of new products, new rules and regulations, legal and compliance issues, emerging industry trends and other developments.

To help you remain current, the Investment Industry Regulatory Organization of Canada (IIROC) introduced a mandatory Continuing Education (CE) program for Member firm approved persons who deal with the public. The CE program operates on three-year cycles. All approved persons are on the same schedule: the first cycle began on January 1, 2000 and ended on December 31, 2002, the next three-year cycle began on January 1, 2003 and ends December 31, 2005, and so on.

For answers to frequently asked questions regarding Continuing Education, refer to the CE FAQ.

Program Highlights
The setup is quite simple. Individuals approved to do retail business and give advice must complete a Compliance course and a Professional Development course during each cycle. Those who are not approved to do retail business who deal with institutions only) and those not approved to give advice (such as investment representatives) must complete a Compliance course. Certain Supervisors also have CE requirements as does a Firm’s Ultimate Designated Person and Chief Compliance Officer.  See Schedule 1 of Dealer Member rule 2900 for additional details.

Grandfathering
There are a few exceptions. If you have been continuously licensed for more than 15 years as of January 1, 2000, then you will complete only the compliance portion of the program during each cycle. Those of you who have been continuously licensed for more than 10, but less than 15 years, as of January 1, 2000, will complete the full program of two courses for the first CE three-year cycle of January 1, 2000 to December 31, 2002. After completing this cycle, you will be required to complete only the compliance portion of the program thereafter. For those of you approved in more than one trading category, you are responsible for the CE requirements of the more demanding category.

Selecting Eligible Courses
There is considerable flexibility built into the program. IIROC Dealer Member Rule 2900 (Part III) contains Course Guidelines to help firms determine course eligibility. Compliance courses can be taken from the Canadian Securities Institute or your firm may choose to offer its own compliance course. Professional Development courses may be taken from a variety of approved sources including your firm, the Canadian Securities Institute, community colleges and universities, and professional education providers such as the Canadian Bankers Association, the Canadian Institute of Chartered Accountants, the Investment Funds Institute of Canada, and the CFA Institute. Some courses that you are already taking may well fulfil your CE requirements. As well, a second Professional Development course or a multi-level course done in one cycle can be carried forward to fulfil the next cycle's Professional Development requirements.

In addition, certain courses have been pre-approved through IIROC’s accreditation program.
It is important to be sure that the course you are interested in satisfies the guidelines issued by IIROC. Once you provide your firm with the necessary course information, your firm can determine course eligibility.

Tracking and Reporting
While you don't have to worry about advising IIROC when you have completed a course, you do need to inform your firm. Firms will submit each employee's CE status to IIROC, which will track and report all approved persons status annually to Member firms. IIROC will maintain a record of the course completion reported by your firm as part of your registration records. Approved Persons (and their firms) who have not completed their CE requirements will receive at least two notifications during the final year of each cycle. This means you will have the opportunity to correct any discrepancies in the records and ensure that you can take the necessary steps to complete the CE program in time. If you have not completed the required courses at the end of three years, penalties will be imposed—from monthly fines to suspension at the end of a six- month period.

The courses are designed with participants' time in mind. The Compliance course will require a minimum of 12 hours, and the Product Knowledge/Professional Development course will require a minimum of 30 hours of study. The timeframe in which to complete these courses is three years.