The Investment Industry Regulatory Organization of Canada (IIROC) is proposing a series of changes to its continuing education (CE) requirements, including proposals to broaden the definition of CE, reducing the CE cycle and extending CE requirements beyond reps.

A new paper from self-regulatory organization (SRO) highlights a series of proposed changes to its CE program, as part of a broader initiative to rewrite its rules in plain language. The entire proposed plain-language rulebook, published for comment on March 9, includes a number of CE-related proposals.

IIROC says it aims to adopt the CE-related provisions by Jan. 1, 2018, which coincides with the next CE cycle. In the meantime, IIROC is seeking comment on the changes to the CE program contained in the plain-language proposals.

The SRO is proposing, among other things, to switch to a two-year CE cycle from a three-year cycle, while also reducing the number of CE credits that reps would have to earn each cycle.

“We believe that a shorter cycle allows for greater retention of training and more immediate application of learning and acquired skills within the industry,” the IIROC paper states.

IIROC also proposes to broaden what qualifies as CE, in an effort to encourage “all training relevant to … the business of dealing and advising in securities.” It is seeking comment on whether CE requirements should be extended to all registered employees, such as institutional traders.

Other proposed changes include doing away with certain grandfathering provisions and bringing the CE course-review function in-house, which, IIROC says, “would facilitate gains in efficiency and strategic alignment of regulatory activities.”

Comments on the plain-language proposals are due May 12. The deadline for any separate comments for future phases of the CE review is June 30.

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