The Bourse de Montreal Inc. has approved amendments to its rules requiring each of its approved participants to appoint a chief financial officer.

The CFO must be a partner, officer or director of the firm. And, it notes, the definition of officer has also been amended to accommodate the new rules.

The special committee, regulatory division, that approved the CFO requirement also approved amendments to the proficiency requirements for approved persons and the necessary conditions for granting an exemption from a mandatory industry course or exam. The amendments require CFOs to pass a qualifying exam set by the Canadian Securities Institute, and set exemption conditions from that exam.

The Bourse says the amendments are primarily intended to harmonize its requirements with those of the Investment Dealers Association. The IDA will handle the CFO approvals, and any exemption requests. All of the amendments are effective immediately.