The Investment Dealers Association has issued a notice highlighting the effect of rule changes regarding registration proficiency requirements in Ontario.

The notice explains that individuals who are registered in another province as a result of receiving a proficiency exemption in that province no longer require another exemption in Ontario. This applies to those that have been registered in the relevant category in another province at some point during the three-year period immediately before the date of the applicant’s application for registration or reinstatement of registration.

Also, the new rule now recognizes registration in other provinces/territories, as keeping courses valid. However, the amendments do not apply to the PFPC post licensing requirement, as the recognition of other province’s registration.

“As a result, a non-Ontario resident who was grandfathered from the IDA’s requirement to complete the PFP or IMT, will be required to write the PFP or IMT, if that individual applies for registration as a [retail registered rep] in Ontario,” it says. Although, it notes that individuals in this situation may seek an exemption from the post-licensing requirement on the basis of their years of experience as a salesperson in their home province.