Frequently Asked Questions (FAQ)

Introduction

The responses to these Frequently Asked Questions (FAQs):

  • are based on current information and may be modified if there are subsequent changes that apply.

We encourage any specific inquiries and questions to be sent to [email protected].

Background Information

1. What is the IIROC Proficiency Initiative?

2. Why is IIROC moving forward with this Initiative?

3. Will IIROC’s future education services model involve single or multiple vendors?

4. When will IIROC launch the new Proficiency Program?

Impact on IIROC Registration and Proficiency

5. How will the Proficiency Initiative impact the current proficiency requirements?

6. How will current Approved Persons be affected?

Procurement Process

7. How does the IIROC Proficiency Initiative procurement process work?

8. Will vendors need to participate in the REOI process to qualify for RFP?

9. How will IIROC evaluate vendor proposals and select Vendor(s)?

10. Who can I contact at IIROC if I have questions?

Program Transition

11. How will the transition to new Program work?

SRO Consolidation

12. How does the IIROC/MFDA merger affect the Proficiency Initiative?

13. Does the IIROC Proficiency Initiative apply to mutual fund dealers?


Background Information

1. What is the IIROC Proficiency Initiative?

The objective of IIROC’s Proficiency Initiative is to implement an enhanced proficiency regime for IIROC approval categories. This includes developing competency standards for each IIROC approval category, a procurement process to select the education provider(s) who will offer the examination/courses required to meet the proficiency requirements for licensing and implementation of the new program. 

2. Why is IIROC moving forward with this Initiative?

Proficiency standards are a cornerstone of the IIROC regulatory regime. High proficiency standards play a key role in investor protection and the integrity and efficiency of capital markets. IIROC’s goal is to create, maintain and promote high proficiency standards for those individuals approved by IIROC.

Central to IIROC’s proficiency regime are the delivery of education courses and the testing of that knowledge through examinations. Currently, these services are provided by a single education services provider via an agreement which will expire December 2025. Visit the Background links to learn more about IIROC’s consultation relating to the Initiative and competency development work.

3. Will IIROC’s future education services model involve single or multiple vendors?

IIROC welcomes new and alternative models for the delivery of its education services, including multiple course providers, and joint service providers or partnership arrangements between vendor(s) and IIROC.

4. When will IIROC launch the new Proficiency Program?

The new program is targeted to launch January 2026.

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Impact on IIROC Registration and Proficiency

5. How will the Proficiency Initiative impact the current proficiency requirements?

The current proficiency requirements will not be impacted by the proficiency initiative at this time. However, we will be reviewing the proficiency requirements in due course to determine what, if any, changes need to be made in advance of January 2026 resulting from any change in education service providers.

6. How will current Approved Persons be affected?

There is no impact to current Approved Persons.

Any changes to the proficiency requirements resulting from a new education services provider arrangement will be communicated in advance of January 2026. While continuing education (CE) is not part of this initiative, we will determine the impact a new education service provider arrangement will have on our CE regime and advise of any consequential changes.

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Procurement Process

7. How does the IIROC Proficiency Initiative procurement process work?

IIROC is committed to providing a fair, transparent, and open procurement process. IIROC’s Proficiency Initiative procurement process is being conducted through two major stages – (1) a Request for Expression of Interest (REOI), and (2) a Request for Proposal (RFP). During the REOI stage, vendors will have an opportunity to attend an optional information session to learn more about the Initiative and ask any questions. Additionally, during the REOI process, vendors will be able to submit questions to IIROC. Answers to commonly asked questions will be posted on the IIROC website.

Key dates relating to the REOI process are noted below.

Milestone

Due Date

Release of REOI

October 11, 2022 

Deadline to Register for Information Session [optional]

November 4, 2022 

Information Session [optional]

November 8, 2022 

Deadline for submission of Questions [optional]

December 9, 2022 

Deadline for REOI Submissions

December 16, 2022 

Short-listing of vendors to RFP Stage

March 31, 2023 

OPTIONAL INFORMATION SESSIONS FOR REOI RESPONDENTS

A brief information session about this REOI will be held 1:30 pm EST, November 8, 2022. It is an opportunity to obtain answers to questions relating to the REOI. The information session will be held as a webinar. Advance registration is required: email the names of participants and their organization name to [email protected] by November 4, 2022. Details will then be communicated by IIROC to the registrants.

Details on the RFP stage will be released after the REOI stage is completed.

8. Will vendors need to participate in the REOI process to qualify for RFP?

All vendors invited to the RFP stage are expected to participate in the REOI process.

9. How will IIROC evaluate vendor proposals and select Vendor(s)?

REOI respondents will be assessed according to several factors including the following: 

  • Experience & Expertise
  • Service Delivery
  • Service Quality
  • Technology & Innovation

IIROC will short-list suitable vendors to the RFP stage.

10. Who can I contact at IIROC if I have questions?

Any questions can be directed to [email protected].

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Program Transition

11. How will the transition to new Program work?

Details regarding the transition to the new Program will be communicated in advance of the new program launch.

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SRO Consolidation

12. How does the IIROC/MFDA merger affect the Proficiency Initiative?

IIROC recognizes that efforts to enhance IIROC’s proficiency regime will take place in the context of the amalgamation of IIROC and the Mutual Fund Dealers Association of Canada (MFDA), which is scheduled to close on December 31, 2022, creating a New SRO effective January 1, 2023.  However, please note that the REOI is focused solely on the education services required for the proficiency regime applicable to IIROC approval categories.  Any future considerations to enhance the proficiency regime relating to mutual fund dealers will be done in collaboration with the Canadian Securities Administrators (CSA) which registers firms and individuals in this registration category.

13. Does the IIROC Proficiency Initiative apply to mutual fund dealers?

No, it does not apply to mutual fund dealers. See answer to question 12.

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