The board of the Investment Dealers Association of Canada has approved changes to proficiency requirements for futures contract portfolio managers.

The rule changes add an educational component to the proficiency requirements, including the courses necessary to obtain the Derivatives Market Specialist Designation offered by CSI Global Education Inc. or the Chartered Financial Analyst program administered by the CFA Institute.

The experience requirement for a futures contract portfolio manager has been changed. It was previously based on the underlying value of futures positions under discretionary management. It is now based on a period of active engagement in advising on or managing trading in futures contracts.

There is no longer a requirement to have experience as an associate futures contract portfolio manager before becoming a full futures contract portfolio manager. The alternative experience requirement is five years of active engagement in advising on trading in futures contracts. This change removes a barrier to entry for any firm not having a futures contract portfolio manager in place to supervise associate futures contracts portfolio managers, the IDA notes.