Requirement to Complete the 30 or 90-Day Training Program

GN-2600-21-005
Type: Rules Notice> Guidance Note
Rule connection:
IIROC Rules
Distribute internally to:
Institutional
Legal and Compliance
Senior Management
Trading Desk
Retail

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Executive Summary

Effective Date: December 31, 2021

IIROC is publishing guidance regarding the requirement to complete the 30 or 90-day training program.

This Guidance Note will discuss:

  • the requirement to complete the 30 or 90-day training program, and
  • the circumstances when an individual may be exempt from this requirement
  1. Requirement to complete the 30 or 90-day Training Program

Subsection 2602(3) of the IIROC Rules sets out the proficiency requirements for each category of approval. The following categories of approval are required to complete the 30 or 90-day training program as follows:

  • Investment Representatives (IR) who deal with retail clients (except IRs who deal in futures contracts and futures contract options only or mutual funds only) are required to complete the 30-day training program, and
  • Registered Representatives (RR) who deal with retail clients (except RRs who deal in futures contracts and futures contract options only or mutual funds only) are required to complete the 90-day training program.
  1. Exemption from the Requirement

Subsections 2627(1) and 2628(6) of the IIROC Rules provide exemptive relief for individuals that meet certain criteria from having to complete or recomplete the 30 or 90-day training program. An individual is exempt from completing or recompleting the 30 or 90-day training program if the individual requests approval within three years of being approved or registered in a capacity allowing trading of, or advising in, securities for retail clients either:

  1. by a recognized foreign regulatory authority or recognized foreign self-regulatory organization, or
  2. as an advising representative by a Canadian securities regulatory authority.

Previous approval or registration in the above context refers to:

  • a non-restricted category equivalent to an RR who deals with retail clients, or
  • as an advising representative with a Portfolio Manager firm registered by a Canadian securities regulatory authority (i.e. Ontario Securities Commission).

As a result, an individual who was approved as an RR dealing with institutional clients would be required to complete the 90-day training program, if applying to be an RR dealing with retail clients. Previous approval in a restricted category, such as RR dealing with institutional clients, would not exempt an individual from having to complete the 90-day training program.

  1. Applicable Rules

IIROC Rules this Guidance Notes relates to:

  • subsection 2602(3),
  • subsection 2627(1), and
  • subsection 2628(6).
  1. Previous Guidance Note

This Guidance Note replaces MR0472 – 30/90 Day Training Program.

  1. Related Documents

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

See also the following Guidance Notes:

  • GN-2600-21-006 – Guidelines for the 90-Day Training Program, and  
  • GN-2500-21-008 – Guidelines for the 30-Day Training Program.