The Canadian Investment Regulatory Organization (CIRO) is turning to Fitch Learning, a division of Fitch Group, to facilitate its planned shift to a new industry proficiency model that’s based on qualifying exams instead of courses.
The self-regulatory organization (SRO) is undertaking an overhaul of the industry’s approach to advisor education by scrapping the requirement for reps to take certain courses and instead setting exams based on published competency standards that will serve as the gateway to various registration categories. The new model will also require mandatory conduct training and set a general education/work experience requirement.
“CIRO is committed to creating an innovative proficiency model based on our competency profiles, to ensuring relevance and responsiveness as the financial industry transforms, and to delivering this model in an efficient and cost-effective way,” said Elsa Renzella, senior vice-president, enforcement and registration with CIRO, in a release.
Now, the SRO will work with Fitch Learning to develop the new model’s architecture.
“Our end-to-end solution will facilitate syllabus development, exam delivery, and the creation of educational portals tailored for candidates, firms and CIRO,” said Andreas Karaiskos, CEO of Fitch Learning, in a release.
CIRO said Fitch Learning was chosen for the task from “a competitive field of proposals.”
The decision also formally signals the end of the Canadian Securities Institute’s (CSI) long-standing position at the centre of industry education. CIRO’s contract with CSI is set to expire at the end of 2025.
In the meantime, the SRO said it is “working with the CSI to ensure a smooth transition to the new model.”
Earlier this year, the SRO carried out a consultation on proposed rules to implement its new approach to industry education.
Those rules still have to be finalized, which is expected to occur in the second half of 2025, and be approved by the Canadian Securities Administrators. The new regime is expected to launch on Jan. 1, 2026.