The Mutual Fund Dealers Association of Canada has detailed how proficiency requirements apply, under both its rules, and the securities commissions’ registration reform rules.

An MFDA notice published Tuesday spells out the basic proficiency requirements that apply to salespeople, and the additional qualifications needed for various products, such as exempt securities and commodity pools. It also sets out requirements for chief compliance officers, and branch managers.

For example, the registration reform rule has done away with the branch manager category. As a result, all of the requirements for branch managers are contained in MFDA rules.

Additionally, the notice sets out the circumstances in which proficiency requirements are considered current. Under both the MFDA rules and the registration reform rules, individuals are not deemed to have passed an exam, or successfully completed a program, unless they have done so within 36 months before they applied for registration.

The MFDA rules also allow it discretion to consider a longer period in cases where it is satisfied that the individual’s experience, knowledge and proficiency remains relevant and current, the notice says.

“In determining whether an individual’s knowledge and proficiency is relevant and current, the MFDA will consider the factors set out in [the registration reform rule], for example, previous registration and relevant securities industry experience,” the notice says, adding that these exemptions can be sought from both sets of regulators at the same time base don the same information.

IE