Released on August 31st by the Investment Industry Regulatory Organization of Canada (IIROC), the Consultation Paper falls within IIROC process of developing and publishing competency profiles for all of its approval categories – i.e. Directors, Executives, Ultimate Designated Persons (UDPs), Chief Compliance Officers (CCOs), and Chief Financial Officers (CFOs).
The development of Phase II competency profiles aims at:
Enabling IIROC to evaluate course providers
Providing education service providers with guidance on course content development
Allowing Dealer Members and Approved Persons to better understand the proficiency expectations
The proposed high-level competencies for each function are as follows:
Directors: General regulatory framework - Corporate governance and ethics - Duties, liabilities and defences - Risk management and oversight
Executives: General regulatory framework - Corporate governance and ethics - Duties, liabilities and defences - Risk management and oversight
UDPs: General regulatory framework - Corporate governance and ethics – Duties - liabilities and defences - Risk management and oversight
CCOs: Compliance functions and operations - Risk management - Regulatory reporting – Examinations - Investigations and actions - Compliance responsibilities - CCO duties and obligations
CFOs: General Financial requirements - Capital adequacy, books and records, and reporting, Credit risk management and customer accounts - Inventory, pricing of securities, and underwriting - Operations and settlement - Protection of firm and client assets - Other capital provisions
The first phase was published for comment last year and focuses on the development of competency profiles for IIROC’s Registered Representative and Investment Representative.
Phase III will focus on the development of competency profiles for Supervisors, Traders, Associate Portfolio Managers and Portfolio Managers.
The final publication of all profiles is scheduled to be available by early 2024.
Interested parties must address their written submissions in writing and only via email by December 29, 2021 to:
Sherry Tabesh-Ndreka, Director, Registration
Investment Industry Regulatory Organization of Canada
Suite 2000, 121 King Street West, Toronto, Ontario M5H-3T9