Fitch Learning has acquired Moody’s-owned Canadian Securities Institute (CSI), the firm said in a release on Thursday.
London, England-based Fitch Learning, a global financial education provider and part of Fitch Group, owned by Hearst, also acquired Moody’s Analytics Learning Solutions, a global provider of credit training.
“This agreement reinforces our commitment to meeting a growing demand for upskilling and continued professional development in the financial services sector,” Andreas Karaiskos, chief executive officer of Fitch Learning, said in the release. “As organizations increasingly invest in learning and development to boost employee retention and staff capabilities, our solutions will help empower their teams and ultimately drive organizational growth.”
In reference to the rationale for the sale of the two businesses, Moody’s spokesperson Joe Mielenhausen said in an emailed statement: “Moody’s continuously explores opportunities to enhance delivery of best-in-class services and solutions, and sharpen our focus on our customers.”
The Canadian Investment Regulatory Organization (CIRO) announced last fall that it had partnered with Fitch Learning for its new exam-based proficiency model, which launches on Jan. 1, 2026. Fitch Learning said at that time that its offering to CIRO would facilitate syllabus development, exam delivery and the creation of educational portals.
The partnership formally signalled the end of the CSI’s long-standing position at the centre of industry education for licensing. CIRO’s contract with CSI is set to expire at the end of 2025. Some education providers are considering exam preparation offerings for the new proficiency regime.
Mutual fund dealers aren’t part of CIRO’s regime — mutual fund proficiency is under the purview of the Canadian Securities Administrators (CSA) — and the CSI is currently the sole course provider for mutual fund licensing following the closing of the IFSE Institute.
“There are a lot of unanswered questions, particularly vis-à-vis the CSA and approved persons for CIRO in the mutual fund channel, and how the proficiency framework in Canada is going to shift,” Michael Thom, managing director of CFA Societies Canada, said. That shift “really does require an engaged, competent, capable education services provider, if not providers, to be present.” The CFA Institute partners with Fitch Learning.
CIRO didn’t provide comment by publication time. The CSA said it continues to “evaluate the potential impacts of IFSE’s decision to wind down its operations in late June and partner with CSI as part of this transition.” The CSA also said it would consider the potential impacts of Fitch Learning’s announcement.
The CSI also offers designation education as well as continuing education courses. Thom said it will be “particularly interesting” to learn more about Fitch Learning’s plans for the CSI business after the deal closes. The potential for change in the education market is welcome, he said. “A new perspective on what the market needs in Canada and how they [Fitch] could build products and services to serve the market is needed.”
Fitch Learning has a Toronto office. Thom said the multinational has been “earnestly” investing in building a presence in Canada, particularly given its work with CIRO. “To the extent this [CSI acquisition] means investment in talent and resourcing to … build to the market here as a strategic opportunity for them, a strategic geography for them, I welcome that,” he said.
The CSI is also a credentialing body under Ontario’s title protection framework, with the personal financial planner (PFP) designation approved for use of the “financial planner” title in the province. The Financial Services Regulatory Authority of Ontario (FSRA), which oversees title protection, said in an emailed statement that the PFP “remains an approved credential by the Canadian Securities Institute — a FSRA-approved credentialing body.”
The institute was created in 1970 by the Investment Dealers Association (IDA), according to the CSI website. IDA was a predecessor of the former Investment Industry Regulatory Organization of Canada, which in turn is a predecessor of CIRO.
Terms of the transaction between Fitch Learning and Moody’s weren’t disclosed. The acquisition is expected to close in the fourth quarter, following regulatory approvals, the release said.