The Investment Industry Regulatory Organization of Canada (IIROC), the national self-regulatory body that oversees all investment dealers and their trading activity in Canada’s debt and equity markets, has granted CFA Institute new recognition that expands the benefits and applicability of the CFA® Program and designation in Canada.
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This important recognition has been secured through valued collaboration with CFA Society Toronto and wouldn’t have been possible without their leadership and sustained efforts.
Effective 1 June 2020, under the individual proficiency requirements of the IIROC Dealer Member Plain Language Rule Book (Rule Book):
- Passing the Level I CFA exam (or higher) is an alternative to the Canadian Securities Course for building knowledge while meeting basic regulatory licensing requirements.
- The CFA charter now meets IIROC’s proficiency requirements for registration categories in portfolio management, dealing with retail clients and for supervisory research analysts.
Key benefits of these changes to various industry stakeholders include:
- Charterholders and Candidates – IIROC’s expanded recognition adds to the widespread awareness the CFA Program has among Canadian financial regulators, which will benefit CFA charterholders and candidates as they progress in their careers. Those interested can already register for upcoming CFA exams.
- Employers – Canadian employers will be able to hire and promote successful (i.e., have passed Level I) CFA candidates and charterholders knowing that they meet many key individual proficiency requirements established by IIROC. CFA charterholders especially add value to employers by bringing a depth of knowledge and experience gained through the rigors of the full CFA Program, their required professional work experience, and adherence to the Code of Ethics and Standards of Professional Conduct.
- Investors – Investors benefit from the confidence in knowing that the CFA charterholders they work with are held to the highest professional and ethical standards in the investment management profession.
For more detail, please see Guidance Note 2600-20-001: Plain Language Rule Book Project – Registration Changes – particularly sections 3.0, 5.2, 5.3, 7.6, and 7.8.
To support our Canadian societies with this transition, we have developed a number of resources:
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To download assets, please view the site on a desktop device