Proficiency Initiative

CIRO, through its predecessor organization IIROC, has undertaken a multi-year initiative to enhance its Proficiency regime with the intention of launching the new standards for its Investment Dealer approval categories in 2026.​

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 and a robust proficiency regime in the investment industry​.​

CIRO issued a consultation paper July 7, 2023 requesting feedback on changes to its Proficiency Model.

High Level Timeline

High Level Timeline, 2014-2015 Consultation: Next Phase in Proficiency Regulation, Jun 2019 Development of Competency Profiles set as Priority, August 2020 Phase I Competency Profile Consultation (IR,RR), August 2021 Phase II Competency Profile Consultation (Directors, Executives, UDP, CCO, CFO), August 2022 Phase III Competency Profile Consultation (APM,PM. Trader, Supervisor) Fall 2022 Release of REOI, Summer 2023 Consultation, Fall 2023 Release of RFP (To be confirmed based on Consultation), Spring 2024 Selection of Vendor(s), Program Setup, Jan 2026 Launch of New Program.

Frequently Asked Questions


Questions? ​ ​

Email: [email protected]

Welcome to!

We have a new look! You can find the Canadian Investment Regulatory Organization (CIRO) at with our fresh look and feel.

You can now find new publications published by CIRO since January 1, 2023 on If you are looking for past notices or bulletins published by MFDA or IIROC, you can find those on our legacy websites. Enforcement related content will continue on those websites as well.

You can now find previous Annual Reports and Enforcement Reports on, along with Halts and Resumption, and our ePublications sign up (for all previous MFDA and IIROC subscriber lists).

We will continue moving items off MFDA and IIROC in 2023/2024. Stay tuned for future updates.