Update on Financial Planner Proficiency Requirements
On March 21, 2001 the Commission published a notice New Requirements for Registrants Holding Themselves Out as Financial Planners announcing its intention to adopt Multilateral Instrument 33-107 Proficiency Requirements for
Registrants Holding Themselves Out as Providing Financial Planning and Similar Advice ("MI 33-107"). The securities commissions in Ontario, Nova Scotia and other provinces were also expected to adopt MI 33-107.
On April 6, 2001 the Ontario Minister of Finance returned MI 33-107 to the Ontario Securities Commission, and asked it address certain matters related to concerns raised by industry representatives.
The Ontario Securities Commission, the Saskatchewan Securities Commission and other commissions participating in the initiative expect to amend MI 33-107 to address industry concerns. Amended MI 33-107 will be published for comment in early June. The effective date
of MI 33-107 is still expected to be February 15, 2002.
Work on the Financial Planning Proficiency Examination continues. The industry is preparing to deliver the FPPE across Canada twice in late 2001 to allow registrants to meet the proficiency requirements before the proposed February 15, 2002 effective date.
April 30, 2001
Contact:
Barbara Shourounis
Director
(306) 787-5842
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