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.