Proficiency Requirements for Individuals previously registered in Hong Kong

GN-2600-21-002
Type: Rules Notice> Guidance Note
Rule connection:
IIROC Rules
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Executive Summary

Effective Date: December 31, 2021

IIROC is publishing guidance regarding proficiency requirements for individuals previously registered with the Securities and Futures Commission (SFC) in Hong Kong.

The guidance will discuss:

  • the equivalent qualifications accepted, and
  • the proof of passing requirements.
  1. Acceptable Qualifications

An applicant who was licensed in Hong Kong can complete the New Entrants Course1  instead of completing the Canadian Securities Course (CSC) and the Conduct and Practices Handbook Exam (CPH), if the individual completed one of the following for registration with the SFC in Hong Kong:

  • HKSI Diploma Program Examination (DPE), or
  • The Licensing Examination for Securities and Futures Intermediaries (LE).

In order to qualify for this relief, the applicant must have been registered in a similar capacity with the SFC in Hong Kong within three years from the date of requesting registration with IIROC.  Additionally, applicants will be required to provide proof of passing of the following:2

For DPE:

  • HKSI Diploma Programme Examination

or

For LE:

  • Paper 1 Fundamentals of Securities and Futures Regulation (Core),
  • Paper 7 Financial Markets (Core), and
  • Paper 8 Securities.
  1. Applicable Rules

IIROC Rules this Guidance Note relates to:

  • clauses 2602(3)(i) and 2602(3)(iii),
  • clauses 2602(3)(ii) and 2602(3)(iv),
  • clauses 2602(3)(vii) and 2602(3)(ix),
  • clauses 2602(3)(viii) and 2602(3)(x), and
  • clause 2602(3)(xvii).
  1. Previous Guidance Notes

This Guidance Note replaces the following:

  • MR071 – HKSI Foundation Program Examination,
  • MR0287 – Licensing Requirements for Individuals previously registered in Hong Kong, and
  • MR0299 – Licensing Requirements for Individuals previously registered in Hong Kong.
  1. Related Documents

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

  • 1The New Entrants Course is offered through the Canadian Securities Institute.
  • 2Examinations are offered through the Hong Kong Securities and Investment Institute (HKSI).