CIRO Proficiency Model for Approved Persons under the Investment Dealer and Partially Consolidated Rules — Exam Fees
Background
CIRO has undertaken a multi-year initiative to enhance its proficiency regime. Proficiency standards are a cornerstone of the CIRO regulatory regime. High proficiency standards play a key role in investor protection and the integrity and efficiency of capital markets. CIRO’s goal is to create, maintain and promote high proficiency standards and a robust proficiency regime in the investment industry.
The new Proficiency Model and related rule amendments applicable to Investment Dealer Approved Persons, will be effective as of January 1, 2026.1 Information relating to the Proficiency Model is available on Proficiency webpage.
Overview
CIRO is moving from a course centric model with exams tied to courses, to an assessment centric model, based on competencies, without mandatory pre-requisite courses.
CIRO is planning to launch 9 different exams, each in English and French. For information on each of the CIRO exams, please refer to Bulletin 25-0110 and its appendices.
One of the key objectives of the new proficiency model is to lower the cost of licensing. Consistent with this objective, CIRO has set its examination fee at $475 per exam based on a cost recovery model. This fee will be the same for all exam types.
It is important to note that the exam fee will not apply to the Conduct Training requirement. This training, which will be mandatory for all Investment Dealer Approved Persons under the new regime, will not be subject to any fees.
Next steps
We will have further information on our exam delivery model, including the exam enrollement portal, in the coming months in advance of January 1, 2026. We will also be providing more information relating to each of our nine exams on: Exam Hub.
Updates will also be communicated through the Proficiency eNewsletter, to subscribers. All relevant staff should subscribe to this ePublication now. This is the best way to stay apprised of upcoming changes as they happen over the next year.
Should you have any specific questions, you can reach out by emailing proficiency@ciro.ca.
Other Notices associated with this Enforcement Proceeding:
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