Guidelines for the 30-Day Training Program

GN-2500-21-008
Type: Rules Notice> Guidance Note
Rule connection:
IIROC Rules
Distribute internally to:
Legal and Compliance
Regulatory Accounting
Senior Management
Training

Contact:

Registration
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Executive Summary

Effective Date: December 31, 2021

Applicants seeking approval in the category of Investment Representatives must complete a 30 day training program while employed with the sponsoring Dealer Member (Dealer) before applying.

This Guidance sets out our expectation regarding the requirements for the 30 day training program and provides answers to frequently asked questions1 .

  • 1In this guidance, all rule references are to the IIROC Rules unless otherwise specified.
  1. Program Content Requirements

The purpose of the 30-day training program is to prepare new Investment Representatives (IRs) to handle their duties such as:

  • taking and entering orders
  • giving quotes
  • reporting on trades
  • correcting errors
  • responding to client enquiries and handling other client service functions

There is no need to overlap material learned from the Canadian Securities Course and the examination based on the Conduct and Practice Handbook for Securities Industry Professionals. The focus should be on the Dealer’s products, policies, procedures and systems.

At a minimum, the program should cover the following topics:

  1. Your Firm
    • Your firm and its position within the industry
    • Products and services offered
    • Key relationships such as related financial institutions, introducing/carrying brokers
  2. Product Knowledge
    • Products offered by your firm
    • Characteristics of and key information regarding each product
    • Obtaining quotes and other information on each product
  3. Trading for each type of product offered
    • Types of orders
    • Required information
    • Order entry and marking procedures
    • Disclosure requirements
    • Changing and cancelling orders
    • Credit and Suitability assessment
    • Prohibitions on advice
  4. Transaction and operations
    • Firm operations departments and their functions
    • Account Types, Opening, Documentation and Operation
    • Settlement
    • Margin and credit policies
    • Commission
    • Transaction Trail Client Records
    • Systems and Technology
    • Client Communications
  5. Compliance Issues
    • Business Ethics
    • Compliance Rules, Regulations and Procedures
    • Compliance and Credit Contacts

Dealers hiring new IRs must develop, oversee and administer the training program to ensure completion of all the topics necessary for adequate training.

The Canadian Securities Institute offers an online Investment Representative Training Program (30 DAY IRT) course.  The 30 DAY IRT course fulfills the general knowledge requirements of IIROC’s 30 day training program and can be used to complement a firm’s internal training program.  Dealers cannot rely solely on the 30 DAY IRT.  They must ensure they are supplementing the training with the Dealer specific components to fulfill the training needs of the program.

  1. 30-Day Training Program Certificate

Applicants in the training program must be employed by the Dealer on a full time basis in order to begin the 30-day training program and must have successfully completed the Canadian Securities Course.  The Conduct and Practices Handbook Course (CPH) may be completed during the training program.

The training may take 30 days or longer as the training program is content and not time driven. 

Dealers must identify the completion of the 30-day training program on the application for registration and approval with IIROC under item 8 – Proficiency in Form 33-109F4 – Registration of Individuals and Review of Permitted Individuals.  Dealers will need to retain a copy of the 30-Day Training Program Certificate along with any supporting documents to evidence the contents of completion as their written record.  IIROC’s business conduct compliance audit may include a review of the firm’s training program.  An electronic certificate is available on the IIROC website.

  1. Applying for Registration

An application for registration as an IR may be filed once the individual has completed the 30-day training program and all other proficiency requirements set out in Rule 2600.

  1. Upgrading to Registered Representative

The 90-day training program is required for all IRs wishing to upgrade to RR.  If the Dealer determines that they will accept the 30-day training program already completed the IR will be required to complete an additional 60 days of training.  In these cases, the Dealer must ensure all elements of the 90-day training program have been satisfied. During this period the individual may continue to perform their duties as an IR if there is time available beyond that required for the training.

  1. Applicable rules

IIROC Rules this Guidance Note relates to:

  • section 2553, and
  • Rule 2600.
  1. Previous guidance notes

This Guidance Note replaces:

  • MR0021 – 30 Day Training Programme for Investment Representatives, and
  • MR0472 – 30 / 90 Day Training Program.
  1. Related documents

This Guidance Note was published under Notice Notice 21-0190 - IIROC Rules, Form 1 and Guidance.

See also GN-2600-21-005 –Requirement to Complete the 30 or 90-Day Training Program.