With the Investment Dealers Associtation’s continuing education program in the final year of its first cycle, the regulator has issued a notice reminding firms of their responsibilities.

Firms are reminded that on January 1, 2003, member firms will be subject to penalties for employing registrants who have not met their CE requirements. A $500 fee per month, will be levied against the firm, for each registrant who has not completed their continuing education requirement, for the first six months or until that person has completed their requirement, (which ever occurs first).

If it is the compliance course that has not been completed, the registrant will be subject to close supervision until the course is completed. And, any registrants who have not completed their CE requirements six months following the end of the cycle will be suspended.

All trading registrants employed by the member are required to meet CE requirements, including those currently on leaves of absence, disability or maternity leave, and those under suspension at the end of a CE cycle.

Members must report completion of course requirements to the IDA on a monthly basis. Individuals may qualify for exemptions based on 10 or 15 years continuous experience.