The Ontario Securities Commission has amended the proficiency requirements imposed on brokers to conform with changes made by the Investment Industry Regulatory Organization of Canada.

The amendment revises the post-registration proficiency requirements for salespersons of brokers, investment dealers or securities dealers. Currently, after initial registration, reps have 30 months to complete one of two courses (either the Professional Financial Planning Course or the first course of the Canadian Investment Management Program) in order to maintain their registration. An equivalent provision, with the same course requirements, also existed in the IIROC rules.

But, in July 2006, the course requirements of the IIROC rules were revised, changing the requirement to complete the PFPC or first CIM course with a new course called Wealth Management Essentials. The securities rules are now being revised to conform with the revised IIROC requirement.

The amendment was published for comment on March 9, 2007. It received four comments, but no changes were made in response to those comments. Now that the OSC has improved the amendment it goes to the Minister of Finance for approval. If the minister approves the amendment, and does not reject it or return it to the commission for further consideration, it will come into force on Oct. 24.