The Ontario Securities Commission has made amendments to the rules governing proficiency requirements for registrants.

The purpose of the amendments is to provide alternative proficiency requirements for compliance personnel of advisor firms and clarify the roles assigned to individuals involved in the supervision of advisors’ regulatory compliance. Among other things, they will provide alternative proficiency requirements that recognize practical expertise in compliance matters.

The amendments were delivered to the Minister of Finance on August 22. If they are approved, they will come into force on November 5.

On December 20, 2002, the amendments were published for comment. Submissions were received from six commentators.