The Investment Dealers Association of Canada has issued a notice clarifying the training program requirements for certain registered reps.

The IDA notes that a registration applicant shall be exempt from completing the required 90-day or 30-day training program if, within three years prior to application, they were registered with a member, securities dealer or investment dealer; or by a recognized foreign regulatory authority or self regulatory organization; or as an investment advisor by a Canadian securities regulatory authority.

The IDA advises that the previous registration in this context refers to: a category equivalent to that of a registered rep (retail); for foreign applicants, registration in a non-restricted category; or, approval as a portfolio manager or associate portfolio manager.

“As a result, if the individual applying as a registered representative (retail) was approved in the last three years in a restricted category that would not require the training program, such as registered representative (non retail), their previous approval does not exempt them from having to complete the 90 day training program,” it says.

“Similarly, an individual who was an investment representative in the past three years will be exempted from re-doing the 30 day training program when applying in the same category, but not from doing the 90 day training program if applying as a registered representative,” the notice adds.

The requirement to redo the 30/90 day training program also applies in those situations where an applicant seeks registration as an investment rep or a registered rep and has: completed the training period at another member firm without subsequently becoming registered; or, completed a portion of the training at a previous member firm.