The Canadian Investment Regulatory Organization (CIRO), in continuing its rule harmonization efforts, has published its second phase of proposals to finalize continuing education (CE) program requirements.

The 90-day comment period closes July 15, 2026. The consultation period follows the regulator’s phase 1 rule amendments which were approved in December 2025. Although phase 1 was originally planned to be implemented in January 2026 at the start of the current CE cycle, it was decided, based on feedback from dealers, that a longer timeline to implement changes would be needed. CIRO’s proposal states that phase 1 implementation will now occur at the same time as phase 2.

Similarly, they say CIRO will be reviewing, in parallel, harmonized operation and technology solutions that reflect the proposal and rules.

“Currently, the mutual fund dealer (MFD) and the Investment Dealer and Partially Consolidated (IDPC) rules distribute compliance related credit requirements for participating individuals differently. We propose harmonizing these requirements to remove any unnecessary burden on dealers who presently manage two different sets of CE requirements,” the proposal states. “Harmonizing credit requirements will allow individuals who move between investment dealers and mutual fund dealers to seamlessly use the same types of CE requirements at both types of dealers.”

The rule changes include:

  • Merging MFD business conduct credit requirements (eight credits) and the compliance credit requirement (two credits) to equal a total of 10 credits in alignment with IDPC rules.
  • Permit MFD individuals to complete more than two ethics credits per cycle, removing the cap on ethics courses under the MFD rules.
  • CIRO developed training: Proposal adopts more flexible IDPC approach “to ensure that all CE participating individuals keep up to date with those matters CIRO finds to be of utmost importance each year.”
  • Removing the prescribed topics list for MFD compliance in favour of a principles-based approach which allows dealers to determine which content is most appropriate and relevant to satisfy compliance and professional development requirements.
  • Where IDPC rules currently permit up to five hours of compliance CE credits from a foreign securities dealer or foreign external course provider, MFD rules do not. CIRO proposes to add the provision for MFD registrants, as well.

In addition, the proposal discusses a number of vocabulary changes. From credits to hours, for example: “We propose adopting ‘hours’ to clearly convey that CE is not intended to serve as a tick box exercise for gaining credits,” they write. “CE is intended to reinforce the proficiency principle and should be recognized as part of the time resource that dealers dedicate to maintaining ongoing compliance with other prescribed training/education requirements,” they write.

It also discusses automatic suspension for non-compliance, proration, leaves of absence and discretionary relief, an express prohibition on carrying forward credits and the elimination of legacy exemptions for certain approved persons that were previously available under IDPC rules.

CIRO says it aims to publish final rules for implementation before the second half of 2027. “The new CE program is proposed to become effective on January 1, 2028,” they conclude.