MI - 33-107 FINANCIAL PLANNING PROFICIENCY EXAM (FPPE) UPDATE

We have received inquiries concerning the grandfathering deadlines set out in the version of MI 33-107, Financial Planning Proficiency Requirements, that appears on the OSC website. The inquiries relate to whether the grandfathering provisions are applicable given that the rule did not come into effect on February 15, 2002.


The simple answer is that the deadlines do not apply.


Please note that all deadlines relating to meeting the course requirements (grandfathering provisions) as a substitute to writing the Financial Planning Proficiency Exam (FPPE) will be extended. The new deadlines will be determined from the date that the revised rule is published for comment.


The consultations on MI 33-107 requested by the Minister of Finance have been extensive. As a result, a number of changes are proposed to the rule. These changes aim to protect investors, streamline the regulatory requirements for market participants and provide greater clarity with respect to the scope of the rule. The OSC is considering publishing a revised draft of MI 33-107 in the new year. The changes to the grandfathering deadlines included in the new draft of the rule would be as follows:

Date in website version of MI 33-107:	In new version of MI 33-107 this would change to:
March 31, 2001 (deadline to enrol in a grandfathered course/program)	Date MI 33-107 is next published for comment + 30days (i.e., "Grandfathering Date")
March 31, 2003 (deadline to complete a listed grandfathered course/program or write the FPSC exam in order to be exempted from the FPPE)	Two years from "Grandfathering Date"
March 31, 2004 (deadline for filing notice of relying on grandfathering in order to hold out under restricted title or as offering restricted services)	Three years from "Grandfathering Date"

The Compliance Timetable (link) has been updated to illustrate this change, assuming the rule were re published for comment some time in 2003, and came into effect some time in 2004.


At the moment the rule is not in effect so there are no OSC restrictions on registrants holding themselves out as financial planners.