The Investment Dealers Association of Canada has published a notice to remind firms of the requirements under the IDA continuing education program.

Registered reps with CE requirements in the current (2006-2008) cycle must satisfy those requirements before December 31, 2008, it notes. And, firms must report their reps’ CE completions to the IDA no later than 10 days following the end of the cycle.

Penalties for failure to complete requirements within the cycle include a monthly fee of $500 per participant to a maximum of six months followed by automatic suspension.

Firms can review their reps’ requirements via the IDA’s online CE reporting system, and the IDA encourages them to review requirement status reports for accuracy.

In the event of discrepancies between the report and what the participant or the firm believes the requirements to be, the firm must: determine what the actual requirements are, based on the individual’s registration status and history; and, identify the discrepancy to the IDA. “IDA staff cannot investigate reported discrepancies that do not provide support in this manner,” it notes.