The Ontario Securities Commission has granted Canaccord Capital Corp. an exemption from the certain proficiency requirements for reps that have been registered in other provinces.

Under current OSC rules, reps must complete the Professional Financial Planning Course or the first course of the Canadian Investment Management Program within 30 months of gaining registration.

The requirement of the Investment Dealers Association of Canada that a registered representative must complete the first course of the CIM Program within 30 months of registration first became effective on January 1, 1994. However, it provided a grandfathering exemption for salespersons who were registered in other jurisdictions before that rule took effect.

The OSC proficiency rule, which became effective on August 17, 2000, adopted and expanded the IDA requirement, but did not exempt salespersons registered in another jurisdiction. The OSC is now providing that exemption, subject to certain conditions.