Cadre institutionnel canadien et obligations professionnelles.
Founded in 1970, the Canadian Securities Institute (CSI) is the dominant provider of regulator-mandated education for Canadian investment professionals. Headquartered in Toronto, Ontario, it operates as part of Moody Analytics since 2010. Beyond the CSC, CSI offers 70+ designations and certificates including the Personal Financial Planner (PFP), the Chartered Investment Manager (CIM), the Wealth Management Essentials (WME), and the Branch Compliance Officer (BCO).
| Volume | Chapters | Focus | Exam length |
|---|---|---|---|
| Volume 1 | Ch. 1-14 | Canadian Investment Marketplace, economy, fixed income, equity, derivatives, mutual funds | 100 MCQ, 2 hours |
| Volume 2 | Ch. 15-28 | Investment analysis, portfolio management, taxation, retirement planning, ETFs, managed products | 100 MCQ, 2 hours |
Each volume exam: 60% minimum passing grade. CSI grants candidates 3 attempts per volume within 12 months. The CSC certificate is awarded only when both volumes are passed within the validity period.
On 1 January 2023, the Investment Industry Regulatory Organization of Canada (IIROC) merged with the Mutual Fund Dealers Association (MFDA) to form the Canadian Investment Regulatory Organization (CIRO). This unified self-regulatory organization (SRO) supervises:
"CIRO's mandate is to set and enforce rules regarding the proficiency, business and financial conduct of Canadian investment dealers and mutual fund dealers."
Source: CIRO, About Us — ciro.ca/about-ciro
| Body | Jurisdiction | Role |
|---|---|---|
| CSA (Canadian Securities Administrators) | Pan-Canadian, umbrella of 13 provincial/territorial regulators | Harmonize securities regulation |
| OSC (Ontario Securities Commission) | Ontario | Largest provincial regulator; principal enforcement |
| AMF Québec | Québec | Provincial regulator for securities, insurance, banking, derivatives |
| BCSC, ASC, MSC | BC, Alberta, Manitoba | Provincial securities commissions |
| CIPF (Canadian Investor Protection Fund) | Federal coverage | Protects client assets up to CAD 1M per account category |
| FCAC | Federal | Financial Consumer Agency of Canada — banking compliance |
| OSFI | Federal | Office of the Superintendent of Financial Institutions — prudential supervision of banks |
An individual sponsored by a CIRO member dealer must pass the required courses (CSC + CPH minimum for Investment Representative) within 12 months of sponsorship. Failure forfeits the temporary registration. The 90-day "training period" allows shadowing under a fully-licensed advisor; transactions executed during this period must be supervised and approved.
| Designation | Required courses | Authority |
|---|---|---|
| Investment Representative (IR) | CSC + CPH + 90-day training | Trade securities, no advice |
| Registered Representative (RR) | CSC + CPH + WME + 90-day | Trade + advise on securities, options, MFs |
| Portfolio Manager (PM) | CIM or CFA + experience | Discretionary management |
| Branch Manager (BM) | CSC + CPH + BMC (Branch Manager Course) | Branch supervisor |
Marie, finissante en finance à HEC Montréal, est embauchée par RBC Dominion Securities comme stagiaire en avril 2026. Elle veut conseiller des clients particuliers (fonds, actions, obligations). Quelles certifications doit-elle viser dans les 12 mois ?
Réponse : Marie doit passer le CSC (les 2 volumes) + le CPH + suivre la 90-day training period. Pour conseiller (et non seulement exécuter), elle devra ensuite ajouter le WME (Wealth Management Essentials) pour obtenir le statut RR. Total : ~12 mois et CAD 2 500-3 000 en frais d examen.
CIRO is governed by an independent board comprising industry and public directors. The CIRO rulebook is organised in 5 series:
| Series | Topic | Example rules |
|---|---|---|
| 1000 | Definitions and interpretation | Rule 1100 (definitions) |
| 2000 | Dealer registration and supervision | Rule 2100 (capital) |
| 3000 | Business conduct + KYC + Suitability | Rule 3402 (KYC), Rule 3404 (Suitability) |
| 4000 | Operations + back-office + record retention | Rule 4400 (record retention 7 years) |
| 5000 | Trading conduct + market integrity | Rule 5500 (front-running) |
Prior to January 2023, the Canadian SRO landscape was split between two organisations:
The merger consolidated rule-making, examinations, complaint handling and enforcement into a single body, reducing duplication, compliance costs and regulatory arbitrage between dealer types.
| Account category | Coverage | Comments |
|---|---|---|
| General (RRSP, TFSA, taxable) | CAD 1 000 000 per category | Aggregated by category |
| RRSP/RRIF | Separate CAD 1M | Each plan covered separately |
| RESP | Separate CAD 1M | Each subscriber/beneficiary combo |
| Joint account | Separate CAD 1M per joint name | Spousal/family planning advantage |
The Autorité des marchés financiers (AMF) du Québec is the provincial regulator of securities, insurance, deposit-taking institutions, derivatives and money services. Unique features:
| Indicator | 2023 (IIROC last year) | 2024 (CIRO first full year) |
|---|---|---|
| Investigations opened | 270 | 340 |
| Disciplinary proceedings completed | 52 | 71 |
| Total fines imposed (CAD) | 3.6M | 5.8M |
| Individual fines (CAD) | 2.1M | 3.2M |
| Firm fines (CAD) | 1.5M | 2.6M |
| Permanent prohibitions | 12 | 17 |
| Suspensions (1-5 years) | 28 | 41 |
| Average resolution time | 18 months | 14 months |
| Item | Cost (CAD) | Time |
|---|---|---|
| CSC bundle (both volumes) | ~1 200 | 4-6 months study |
| CSC re-write fee | ~240/volume | Wait 60 days |
| CPH course + exam | ~750 | 2-3 months study |
| WME (for RR upgrade) | ~650 | 3 months |
| CIM (Investment Management Techniques + Portfolio Management Techniques) | ~3 500 | 12-18 months |
| BMC (Branch Manager Course) | ~990 | 3 months |
| BCO (Branch Compliance Officer) | ~1 400 | 4-6 months |
| CFP (FP Canada Professional Education Program + exam) | ~4 500 | 12-18 months |
| Total IR + RR starter package | ~3 000 | ~12 months |
The NRD, operated by CDS Inc. on behalf of the CSA, is the central database recording all securities-related registrations in Canada. Each registrant has a unique NRD number that follows them throughout their career. Public can search the National Registration Search tool to verify:
A registrant must register in every province where they have clients. The CSA's passport system allows a registrant approved in one province to gain access to others with minimal additional filings (except Québec, which requires separate review).
| Province | Regulator | Additional requirements |
|---|---|---|
| Ontario | OSC | Largest, no passport for it |
| Québec | AMF | French language proficiency, separate Québec exam for some |
| BC | BCSC | Passport |
| Alberta | ASC | Passport |
| Manitoba | MSC | Passport |
| Saskatchewan | FCAA | Passport |
| New Brunswick | FCNB | Passport |
| Nova Scotia | NSSC | Passport |
| PEI | OSCPEI | Passport |
| Newfoundland | FSRA | Passport |
| Yukon / NWT / Nunavut | Territorial | Passport, minimal volume |
| Acronym | Definition |
|---|---|
| CIRO | Canadian Investment Regulatory Organization (post 2023) |
| IIROC | Investment Industry Regulatory Organization of Canada (pre-2023) |
| MFDA | Mutual Fund Dealers Association (pre-2023, merged into CIRO) |
| CIPF | Canadian Investor Protection Fund |
| CDIC | Canada Deposit Insurance Corporation (banks; up to CAD 100K) |
| FCAC | Financial Consumer Agency of Canada |
| OSFI | Office of the Superintendent of Financial Institutions |
| FINTRAC | Financial Transactions and Reports Analysis Centre of Canada |
| OSC | Ontario Securities Commission |
| AMF Québec | Autorité des marchés financiers du Québec |
| BCSC / ASC / MSC | BC / Alberta / Manitoba Securities Commission |
| CSA | Canadian Securities Administrators (umbrella) |
| OBSI | Ombudsman for Banking Services and Investments |
| IIAC | Investment Industry Association of Canada |
| FP Canada | Financial Planning Canada (CFP designation) |
| IQPF | Institut québécois de planification financière (Pl. Fin.) |
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