CIRO's new model with Fitch Learning promises to elevate assessment standards for Canadian investment dealers
The Canadian Investment Regulatory Organization (CIRO) has selected Fitch Learning as its new service provider to aid in CIRO's shift towards an assessment-focused proficiency model for Approved Persons of investment dealers.
This development aligns with CIRO's multi-year strategic initiative to establish a Proficiency Model that ensures registrants meet rigorous standards and possess the essential knowledge, skills, and behaviours necessary to perform effectively.
The model aims to maintain relevance within the evolving financial industry while incorporating flexibility to accommodate future changes.
Earlier this year, CIRO issued a request for comments on proposed rule amendments reflecting the new Proficiency Model. These amendments remain provisional, awaiting approval from the Canadian Securities Administrators.
Elsa Renzella, CIRO's senior vice-president of Enforcement and Registration, stated, “We’re excited to take the next step in evolving our Proficiency Model.”
“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.”
Fitch Learning, known for its work with organizations that offer professional designations globally, was selected from a competitive range of proposals for its focus on user experience and its comprehensive knowledge of the financial industry.
Andreas Karaiskos, CEO of Fitch Learning, commented, “We are delighted to partner with CIRO to deliver critical services and infrastructure that will underpin the regulator’s new proficiency model.”
Karaiskos also noted, “Our end-to-end solution will facilitate syllabus development, exam delivery, and the creation of educational portals tailored for candidates, firms, and CIRO.”
CIRO regulates over 33,000 Investment Dealer Approved Persons across Canada, with assets under administration exceeding $4tn CAD.
The Proficiency Project encompasses the creation of nine bilingual examinations, associated syllabi, and the development of exam delivery platforms and portals. The new model is set for full implementation by January 1, 2026.
As CIRO advances towards an assessment-centric model, it acknowledged the Canadian Securities Institute (CSI), its longstanding educational partner, for its years of collaboration and dedication to providing quality educational solutions.
CIRO is working closely with CSI to ensure a seamless transition to the new framework.
According to the press release, this partnership with Fitch Learning reflects CIRO's strategic commitment to setting updated proficiency standards within Canada’s financial services industry, supporting both current industry needs and future adaptation.
