The Investment Dealers Association of Canada is reminding firms that all individuals approved as registered reps must complete either the Professional Financial Planning Course, or the Investment Management Techniques Course within 30 months of their approval.

Anyone who has completed all three levels of the Chartered Financial Analyst designation, administered by the Association for Investment Management and Research, receives an automatic exemption from the post licensing requirement. However, Ontario registrants may still require an exemption.

A rep who fails to complete the post-licensing requirement by the specified due date, will be automatically suspended. Approval will be reinstated only when they have satisfied the applicable course requirement.

The PFP due date for each rep is listed on the approval letter issued when the individual is approved. Firms can also view the due date in the National Registration Database record for each individual, so the IDA no longer issues 9-month reminder notices to firms. However, because Quebec is not a part of NRD at this time, reminder letters will still be sent to Quebec registrants.

In the past, individuals who return to the industry have expected an automatic extension to their post licensing requirement due date. The IDA says that its Education and Proficiency Committee has recently confirmed that automatic extensions were not contemplated in Policy 6. As a result, effective Jan. 30, 2004, all individuals returning to the industry, who have not yet satisfied the post licensing requirement, must complete the PFPC or IMT by the due date specified on their initial approval letter. Individuals who are unable to meet this requirement may apply for a hardship extension, although consideration will only be granted to individuals who are able to demonstrate true hardship.