The Canadian Investment Regulatory Organization (CIRO) has named Fitch Learning as its new service provider, partnering to assist CIRO’s move towards an assessment-centric proficiency model for Approved Persons of investment dealers.
The development of a new and enhanced Proficiency Model has been a multi-year strategic initiative for CIRO that will ensure our registrants meet high proficiency standards that will equip them with the necessary knowledge, skills and behaviours to effectively perform their job. The new model will ensure that these standards are both relevant for today’s evolving financial industry and offer the necessary flexibility to adapt to future changes.
Earlier this year, CIRO published a request for comments on proposed amendments to rules to reflect the new proficiency model. These proposed rules are not yet final and subject to approval by the Canadian Securities Administrators.
"We’re excited to take the next step in evolving our Proficiency Model,” said Elsa Renzella, Senior Vice-President, Enforcement and Registration. “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 works with businesses and organizations offering professional designations and credentials around the world, specifically helping develop future leaders in the financial services industry. Fitch was selected from a competitive field of proposals for their approach to user experience and breadth of financial industry expertise.
Andreas Karaiskos, CEO of Fitch Learning, expressed, “We are delighted to partner with CIRO to deliver critical services and infrastructure that will underpin the regulator’s new proficiency model.”
Karaiskos further elaborated, “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 more than 33,000 Investment Dealer Approved Persons across Canada with assets under administration of over $4 trillion. The Proficiency Initiative includes the development of nine bilingual examinations and corresponding syllabi, the establishment of an exam delivery platform and portals. This new Proficiency Model will be rolled out by January 1, 2026.
“As we transition to a new assessment-centric approach, we are grateful to our existing and long-serving education partner the Canadian Securities Institute (CSI), for its many years of collaboration to deliver exceptional education solutions to Canada’s industry,” said Renzella.
CIRO is working with the CSI to ensure a smooth transition to the new model.
This partnership with Fitch Learning signals CIRO’s commitment to innovation, efficiency, and excellence in setting a new proficiency standard for the Canadian financial services industry.
