The Ontario Securities Commission has issued an update to its long-delayed financial planning proficiency regime. The OSC says that the rule may still be implemented, and that its grandfathering provisions will be extended when it is.

The commission notes that it has received inquiries concerning the grandfathering deadlines set out in the version of Financial Planning Proficiency Requirements rule, that appears on the OSC website. The inquiries relate to whether the grandfathering provisions are applicable given that the rule did not come into effect on February 15, 2002.

“The simple answer is that the deadlines do not apply,” the OSC says. “At the moment the rule is not in effect so there are no OSC restrictions on registrants holding themselves out as financial planners.”

“Please note that all deadlines relating to meeting the course requirements (grandfathering provisions) as a substitute to writing the FPPE will be extended. The new deadlines will be determined from the date that the revised rule is published for comment,” notes the OSC.

It also indicates that the consultations on the proposed rule, which were requested by the Minister of Finance, have been extensive. “As a result, a number of changes are proposed to the rule. These changes aim to protect investors, streamline the regulatory requirements for market participants and provide greater clarity with respect to the scope of the rule,” it says. “The OSC is considering publishing a revised draft of [the rule] in the new year.”

http://www.osc.gov.on.ca/en/HotTopics/currentinfo/finplanrule_20030107_33-107.html