Despite concerns expressed by dealers late last year, the Investment Industry Regulatory Organization of Canada (IIROC) has announced that the Canadian Securities Institute (CSI) will remain its sole provider of proficiency courses until 2020.
During the review process that took place last year the IIAC, which represents 148 IIROC-regulated firms, called the value of the CSI's courses into question and said many of its members wanted to have a wider range of choice in education and proficiency providers.
However, when IIROC published its new proficiency assurance model on Sept. 22, it revealed that it had negotiated a five-year, exclusive contract with CSI. IIROC does note that its new contract with CSI "focuses on continued improvement in the quality of course content", and points out that it has negotiated a 1.75% annual cap on price increases.
"It is IIROC’s view that the retainer of a single provider will best ensure quality, reliability, accessibility and efficiency in delivery of education services with respect to all 19 regulatory courses," reads the general administrative notice. "IIROC is operationalizing a new proficiency assurance model where a single provider will be selected for a basket of regulatory courses for terms of five years and the contract will be awarded through a transparent and competitive procurement process to reap the benefits of competition within a single provider context."