New MFDA Continuing Education Requirements

MFDA Continuing Education (CE) requirements establish minimum standards for Approved Persons of MFDA Members to keep their industry knowledge current and maintain a high standard of professionalism.

MFDA Rule 1.2 and 1.2.6 and Policy 9 (collectively the “CE requirements”) came into effect on December 1, 2021. Only recognized Continuing Education (CE) activities taken on or after this date can be reported in the CE Reporting and Tracking System (“CERTS”) and count towards the fulfillment of the new CE Requirements.

PARTICIPANTS (Approved Persons)

Participant” means any Approved Person who is registered, during a cycle, as a dealing representative, chief compliance officer or ultimate designated person under Canadian securities legislation, or designated by the Member as a branch manager or alternate branch manager, or alternate chief compliance officer under MFDA Rules.

All Participants must complete the required number of credits in each CE cycle.  Each cycle will be 2 years in length, starting December 1 of each odd numbered year. This aligns with the CSF’s continuing education cycle.

Participants registered as Dealing Representatives must take 30 credits total in each cycle, which is comprised of:

  • 8 Business Conduct (BC) Credits. A minimum of 1 and maximum of 2 of these Business Conduct Credits must relate to ethics. A single Business Conduct Credit consists of 1 hour of training in educational material that promotes, directs and guides ethical and compliant conduct. It includes education regarding ethical issues, MFDA Rules and Policies, other applicable legislation, and Member’s policies and procedures for complying with regulatory requirements. This would include topics such as conflicts of interest, Know-Your-Client standard and suitability, and complaint handling.
  • 20 Professional Development (PD) Credits. A single Professional Development Credit consists of 1 hour of training in educational material that maintains or enhances an advisor’s financial knowledge or proficiency.  This would include topics such as products, financial planning, and investment strategies and asset allocation.
  • 2 MFDA Compliance (MC) Credits. These must be obtained by completing continuing education activities specifically created and designated by the MFDA for the purposes of MFDA Compliance Credits.

Those Participants who are not Dealing Representatives, but are registered or designated as Chief Compliance Officers (CCOs), Ultimate Designated Persons (UDPs), Branch Managers (BMs), Alternate CCOs or Alternate BMs are required to take 10 credits total in each cycle: 8 Business Conduct credits (1 to 2 in ethics) and 2 MFDA Compliance credits.

Mapping of CSF CE Categories to MFDA CE Categories

This table provides guidance on how Chambre de la sécurité financière (CSF) accredited courses are to be used under the MFDA CE Program.

Credits are to be assigned on a 1:1 basis. For example, a course given 2.5 General Subject credits under the CSF CE program would be worth 2.5 Professional Development credits under the MFDA CE Program.

 CSF CATEGORY MFDA CE CREDIT COMPONENT
General Subject Professional Development
Insurance of Persons Professional Development
Group Insurance of Persons Professional Development
Group Savings Plan Brokerage Professional Development
Scholarship Plan Brokerage Professional Development
Compliance with Standards, Ethics or Professional Conduct Business Conduct1

CLICK HERE FOR ACCESS TO CSF CE COURSES

 

Mapping of FP CANADA CE Categories to MFDA CE Categories

This table provides guidance on how FP Canada (FP) accredited courses are to be used under the MFDA CE Program.

Credits are to be assigned on a 1:1 basis.

FP CANADA CE CATEGORY
MFDA CE CATEGORY
Financial Planning
Professional Development
Practice Management
Professional Development
Product Knowledge
Professional Development
Professional Responsibility
Business Conduct (see note below)
Giving Back
N/A

 

CLICK HERE FOR ACCESS TO FP CE COURSES

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