Client Focused Reforms (CFR)

Compliance Training.

Client Focused Reforms (CFR) Training

A comprehensive advisor compliance training program that satisfies the training requirements for licensed individuals under the Reforms to Enhance the Client-Registrant Relationship (Client Focused Reforms).

French IIROC training.

French MFDA training.

Full Client Focused Reforms Training: $100.

  • Part I:

    Conflicts of Interest

  • Part II:

    Know Your Client (KYC)
    Know Your Product (KYP)
    Suitability Determination (SD)

  • Part III:

    Referral Arrangements (RA)
    Relationship Disclosure Information (RDI)
    Misleading Communications
    Outside Activities (OAs)
    Positions of Influence (PoI)

  • Part IV:

    Protection of Older and Vulnerable Clients

French PM/EMD training.

Learnedly’s CFR training program is a video-based course delivered in a four-part series and designed to satisfy the regulatory training requirements. Learners can complete the course at their own pace, on any device - even offline! Dealer firms will receive progress reports and completion reports to satisfy their compliance books and records obligations.

Upon completing this course, registrants will:

  • Receive 4.0 compliance continuing education (CE) credits

  • Know how to put the client’s interest first when making suitability determinations

  • Know how to identify existing and foreseeable material conflicts of interest between a registered individual and their client

  • Know how to address material conflicts of interest in the best interest of their client

Looking for company-wide training?

Firm-wide compliance training is our bailiwick! Email us at hello@learnedly.com to learn more.

A Summary: Client Focused Reforms

In October 2019 The Canadian Securities Administrators (CSA), published Reforms to Enhance the Client-Registrant Relationship (Client Focused Reforms), which outlined the amendments to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations. The changes require advisors to better align their interests with those of their clients, ensuring that the interest of the client always comes first.

These amendments also require firms to provide mandatory Client Focused Reforms (CFR) training for their registered individuals and keep records of all training.

What Does It Mean For Financial Professionals?

The new rules require financial advisors to:

  • Conflicts of Interest (COI): addressing material conflicts of interest in the best interest of the client

  • Know Your Client (KYC): tailor decisions based on the client’s needs and circumstances and keep information current

  • Know Your Product (KYP): firms and advisors must perform product due diligence for all securities offered to clients

  • Suitability Determination (SD): Making recommendations that are in the best interest of the client

  • Relationship Disclosure Information (RDI): do more to clarify for clients what they should expect from their advisors

  • Outside Activities: restrict additional activities that may create potential conflicts of interest

  • Positions of Influence (PoIs): Limit or prohibit client relationships that may have been formed by an advisor in a position of influence over certain individuals

The first rules around conflicts of interest and enhanced client disclosures with respect to conflicts of interest came into effect on June 30, 2021. The remainder of the policy and rule changes came into effect on December 31, 2021.