Compliance Memo

CM_2023-03; Continuing Education Program (CERTS)

For more information, contact:

Compliance Team
compliance@gpwealth.ca

Date Issued:

January 13, 2023

The new Continuing Education requirements came into effect on December 1, 2021. You are reminded that you must meet the CE credit requirements (30 hours) for the first cycle by November 30, 2023, and the deadline to report completion of CE credits on CERTS is December 14, 2023. Please note that the CE requirements for mutual fund dealing representatives will remain the same under the Interim Rules for the New Self-Regulatory Organization of Canada (“New SRO”).

Participants registered as Dealing Representatives must take 30 credits 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. MFDA issued the first of the two mandatory MFDA Compliance Credits (the 2022 MCC). Participants must log into the CERTS in order to take the MCCs for credit. The 2023 MCC will be issued in early 2023. 

For additional information, please see MFDA Bulletin #0928-ME (click here). Your credits are tracked through the CERTS portal on the MFDA website. Please click here.

As always, if you have questions or comments, contact the Compliance Department by email at compliance@gpwealth.ca.