MFDA Rule 1.2 and 1.2.6 and Policy 9 (collectively the “CE requirements”) will come into effect on December 1, 2021. Only recognized Continuing Education (CE) activities taken on or after this date can be reported in the CE Reporting and Tracking System (“CERTS”) and count towards the fulfillment of the new CE Requirements.
For detailed information regarding the CE Requirements, see the following sections:
Rules and Requirements
CERTS Initial Onboarding
As the CE Requirements will apply to over 60,000 Participants and administration will involve Members, Accreditors and numerous education providers, onboarding all relevant stakeholders will take some time. MFDA has issued a Bulletin outlining the plan to onboard all of these stakeholders.
Guidance and Information
A Member’s primary responsibility for the CE Requirements is to supervise their Participants’ (Approved Persons) compliance with those CE Requirements. In furtherance of this role, Members have the option to accredit their own CE activities and report attendance of their Participants within CERTS. Alternatively, Members may permit their Participants to attend recognized accredited CE activities offered by other Providers where such attendance is reported into CERTS by either the Provider or the Member’s Participants. For further guidance and information on the CE Requirements, please refer to the following:
- Member Guide
- CERTS – Member Administrator User Guide
- New Member Administrator Request – To be submitted to the MFDA to add Member Administrators on CERTS.
Each CE activity must be accredited by Accreditors recognized by the MFDA. Industry Regulatory Organization of Canada (IIROC) and the Chambre de la sécurité financière (CSF) are recognized Accreditors. Members are also recognized Accreditors for the CE activities they provide to their own Participants (also known as “self-accreditation”). Other third parties can apply to the MFDA to become recognized as Third Party Accreditors. For further guidance and information on the Accreditation Standards, please refer to the following:
- Accreditation Guide
- Third Party Accreditor Application and Agreement
- Currently Recognized Third Party Accreditors
- Listing to be updated as applicants are recognized.
PARTICIPANTS (Approved Persons)
All Participants must complete the required number of credits in each CE cycle. Each cycle will be 2 years in length, starting December 1 of each odd numbered year. This aligns with the CSF’s continuing education cycle.
Participants registered as Dealing Representatives must take 30 credits total in each cycle, which is comprised of:
- 8 Business Conduct (BC) Credits. A minimum of 1 and maximum of 2 of these Business Conduct Credits must relate to ethics. A single Business Conduct Credit consists of 1 hour of training in educational material that promotes, directs and guides ethical and compliant conduct. It includes education regarding ethical issues, MFDA Rules and Policies, other applicable legislation, and Member’s policies and procedures for complying with regulatory requirements. This would include topics such as conflicts of interest, Know-Your-Client standard and suitability, and complaint handling.
- 20 Professional Development (PD) Credits. A single Professional Development Credit consists of 1 hour of training in educational material that maintains or enhances an advisor’s financial knowledge or proficiency. This would include topics such as products, financial planning, and investment strategies and asset allocation.
- 2 MFDA Compliance (MC) Credits. These must be obtained by completing continuing education activities specifically created and designated by the MFDA for the purposes of MFDA Compliance Credits.
Those Participants who are not Dealing Representatives, but are registered or designated as Chief Compliance Officers (CCOs), Ultimate Designated Persons (UDPs), Branch Managers (BMs), Alternate CCOs or Alternate BMs are required to take 10 credits total in each cycle: 8 Business Conduct credits (1 to 2 in ethics) and 2 MFDA Compliance credits.
For further guidance and information, please refer to the following:
- Participant Guide (coming soon)
- CERTS – Participant User Guide (coming soon)
Members and other organizations (Providers) can offer CE activities to Participants and can report Participant attendance in CERTS.
By October 2021, the MFDA will begin onboarding Providers. Please refer to the following for further information and guidance:
- Provider Guide (coming soon)
- New Provider Request (coming soon)
- CERTS – Provider User Guide (coming soon)
- New Provider Administrator Request (coming soon) – To be submitted to the MFDA to add Provider Administrators (Users) to CERTS