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  • Deborah

On August 29, the Investment Industry Regulatory Organization of Canada (IIROC) released for comment Consultation Paper (Phase III) — Competency Profiles for Supervisors, Traders, Associate Portfolio Managers [APMs] and Portfolio Managers [PMs].


This third phase forms part of IIROC’s project to develop and publish competency profiles for all IIROC approval categories. Phase I focused on RRs and IRs and was published for comment on August 18, 2020; Phase II focused on Executives, Directors, UDPs, CCO, and CFOs and released for comment on August 31, 2021.


The proposed competency profile for Supervisors include:

  • 3 Categories of high-level competencies (e.g. general regulatory framework, supervisory structure…) associated with their oversight responsibilities, accountability and authority.

  • A number of sub-competencies for each category which total 17 sub-competencies across the 3 high-level competency categories.

The proposed competency profile for Traders include:

  • Categories of high-level competencies (e.g. marketplace structure, trading rules, orders & activities…) associated with their technical and regulatory skills.

  • A number of sub-competencies for each category which total 14 sub-competencies across the 3 high-level competency categories.

The proposed competency profile for APMs and PMs include:

  • 6 categories of high-level competencies (e.g. regulatory environment and ethics, investment policy, portfolio construction and strategies…) associated with their relationship skills, regulatory skills and technical skills.

  • A number of sub-competencies for each category which total 17 sub-competencies across the 3 high-level competency categories.

As stated by IIROC, the competency profiles will

  • Represent a proficiency benchmark allowing IIROC to evaluate course providers

  • Provide education service providers with guidance on course content development, and

  • Allow Dealer Members and Approved Persons to better understand the proficiency expectations and potentially play a more active role in meeting those standards and maintaining the competence of Approved Persons.

Comments are to be provided in writing via email by December 28, 2022.


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