What is the Client Focused Reforms training?
The Canadian Securities Administrators (CSA) requires all registered dealers (including those within IIROC and MFDA jurisdictions) and advisers to provide training to their registrants aligned to the Client Focused Reforms (CFR) initiative that is to be introduced in 2021. The training requirement is also applicable to other member firm staff such as compliance personnel.
The reforms are based on the fundamental concept that clients' interests come first in their dealings with firms and individuals that are registered to give investment advice and trade in securities. They also require that registrants address material conflicts of interest in the best interest of their clients.
The CSA expects all firms under its jurisdiction to implement, maintain and document their training program to ensure that everyone at the firm understands the standards of conduct when dealing with clients. This program focuses on existing IIROC and MFDA rules as well as the amendments that align their rules with the CSA's CFR initiative.
What are the courses included in this program?
The CFR training program includes five courses:
- Overview of Client Focused Reforms and Relationship Disclosure - CFR Series
- Conflicts of Interest - CFR Series
- Know Your Product - CFR Series
- Enhanced KYC and Suitability - CFR Series
- Protecting Older and Vulnerable Clients - CFR Series
Looking to buy for your team?
What are the benefits of the CFR Program?
- Designed to meet the CSA training requirements under the Client Focused Reforms (CFR) initiative
- Reflects CFR aligned for IIROC and MFDA jurisdictions and as such is relevant to both IIROC and MFDA firms and their staff
- Custom-built program to incorporate specific firm-based policies in these areas, particularly concerning conflicts of interest
- Training available to coincide with the introduction of CFR rules, starting with conflicts of interest training by the end of June 2021
- Range of examples throughout the course materials to demonstrate concepts
- Training will also be accredited for continuing education (compliance) for IIROC, MFDA, CSF, Insurance councils and CSI and other designations
Who is the program for?
IIROC and MFDA approved persons and other staff subject to the CFR training requirement