CIBC World Markets Inc. has won an exemption from post-registration proficiency requirements for some of its previously registered reps, subject to conditions.

The firm applied for an exemption from the OSC proficiency rule for some of its salespersons. The rule requires reps to complete the Professional Financial Planning Course or the first course of the Canadian Investment Management Program within 30 months, or have their registration suspended.

The OSC rule took effect Aug. 17, 2000. It adopted and expanded a similar IDA requirement, but did not exempt salespersons who were registered to trade on behalf of a dealer in another jurisdiction prior to the IDA rule taking effect (in 1994), as the IDA rule did.

The OSC has decided to extend the exemption to reps who were registered in other jurisdictions (not specifically restricted to the sale of mutual funds or non-retail trades) before 1994; and, after 1994, that they were either registered to trade on behalf of a dealer continuously in one or more jurisdictions other than Ontario, and that they weren’t without registration for more than three years in that period.