Different Qualifications for licensing

Dec 7, 2021 - By Misc Authors

Licensing to trade securities (not limited to mutual funds):

Successful completion of the Canadian Securities Course (CSC)® is the pre-requisite to becoming licensed (registered) to sell securities. In order to become registered to sell securities, you must also be sponsored by a dealer firm and complete the Conduct and Practices Handbook Course (CPH)®, the Registrant Code of Ethics and Registrant Standards of Conduct courses. Once licensed, securities advisors and dealers are regulated by the Canadian Investment Regulatory Organization (CIRO) which was formerly known as: Investment Industry Regulatory Organization of Canada (IIROC). CIRO approved advisors must complete a 90 day training program and within 30 months complete the Wealth Management Essentials Course.

Licensing to trade mutual funds:

you need to take either the Investment Funds in Canada (IFC) course, offered by the Canadian Securities Institute (CSI) or the Canadian Investment Funds Course (CIFC) offered by the IFSE Institute. Once you have passed the course work, you must be sponsored for registration with a provincial securities commission through your dealer, and complete a 90 day training program. The training program helps ensure new registrants have received enough training and guidance to understand the industry, the products being sold, and the regulatory environment overseeing the mutual fund industry. Mutual fund dealers and advisors are regulated by the Mutual Fund Dealers Association (MFDA). The MFDA is responsible for regulating the operations, standards of practices and market conduct of its dealer members and their advisors. The MFDA website has useful information and a list of all dealer members.

Licensing to sell life/health insurance:

the harmonized Life License Qualification Program (LLQP) is the entry requirement for all provinces, as of January 1, 2016. It is offered through various education providers. You will need to register for the course, with an approved course provider, and successfully pass the exams. There are other requirements you must meet before being approved for a life insurance license including your personal suitability, and be sponsored by an insurance company.

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