The Mutual Fund Dealers Association of Canada has published for public comment proposed continuing education (CE) requirements for mutual fund advisors. These requirements will put in place a new CE regime, says the regulator.

"The MFDA's CE initiative forms part of our ongoing effort to further enhance advisor proficiency and professionalism. We believe that raising the standard of advisor knowledge through enhanced proficiency requirements will ultimately benefit Canadian investors and further promote investor confidence," stated MFDA President and CEO Mark Gordon in a March 26 announcement.

Three distinct competency areas

The MFDA says its CE initiative will provide it “with a greater understanding of individual advisor competencies and will require advisors to meet specific CE requirements with respect to three distinct competency areas: (1) business conduct, (2) regulatory compliance and (3) professional development.” It will also allow for the regulator to have oversight over CE programs taken by advisors.

The proposed CE requirements are set out in MFDA Bulletin #0743-P.