News Release

IFIC supports objectives of CIRO’s proposed proficiency model

Association makes recommendations to enhance proposal’s clarity and facilitate implementation

September 17, 2024 (Toronto) – The Investment Funds Institute of Canada (IFIC) has made a submission to the Canadian Investment Regulatory Organization (CIRO), in response to CIRO’s proposed proficiency model that would govern investment dealers and their registered personnel.

The proposal, which is consistent with CIRO’s investor-protection and market-integrity mandate, seeks to:

• raise the proficiency bar
•  lower the cost of licensing and barriers to entering the investment industry
• enhance the relevancy of proficiency requirements, and
• improve the alignment of CIRO’s proficiency requirements and investment dealers’ training activities, as well as the proficiency model’s responsiveness to industry developments

IFIC supports these objectives. “Higher proficiency standards would play a critical role in the maintenance and enhancement of investor protection and the integrity and efficiency of capital markets, while reducing entry barriers to help to ensure investors have access to professional investment advice in the future,” said Andy Mitchell, President and CEO, IFIC.

“In order to implement the proposed model, there are complexities and challenges that investment dealers will need to manage and resolve in conjunction with CIRO,” said Mitchell. Accordingly, IFIC’s submission urges CIRO to prioritize ongoing communications with the investment dealer community to ensure timely identification and resolution of issues until the proposed model has been fully and successfully implemented.

For further details, read IFIC’s submission.

About IFIC

The Investment Funds Institute of Canada is the voice of Canada’s investment funds industry. IFIC brings together approximately 150 organizations, including fund managers, dealers, professional and back-office service providers, to strengthen the integrity of the investment funds industry, foster public confidence in investment funds, and enable investors to achieve good outcomes. By connecting savers to Canada’s economy, our industry contributes significantly to Canadian economic growth and job creation.

For more information

Christine Harminc
Senior Manager, Communications and Public Affairs
charminc@ific.ca
416-309-2313