COURSE · SUPERVISORS AND COMPLIANCE
Supervisory Framework
Allocation of supervisory responsibilities: who owns what, the firm or the designated Supervisor, under the CIRO IDPC Rules, UMIR and Bourse de Montréal rules.
CIRO Dealer Member • Designated Supervisor
- CIRO IDPC Rules
- UMIR
- MX — Listed Derivatives
7 LESSONS
FINAL ASSESSMENT
SELF-PACED
Overview
What the course covers
A dealer active in securities and listed derivatives is supervised under three overlapping regimes: the CIRO Investment Dealer and Partially Consolidated (IDPC) Rules, the Universal Market Integrity Rules (UMIR) and the rules of the Bourse de Montréal (MX). This course shows how one supervision system can satisfy all three at once, and who owns each obligation: the Dealer Member or the designated Supervisor.
It starts from the core principle that the firm owns the system and the individual owns the reviews, maps firm-level and individual obligations regime by regime, and closes with the cross-cutting themes every supervision program needs.
Who should take it
- Designated Supervisors at CIRO Dealer Members
- Trading supervisors responsible for UMIR order and trade review
- Designated derivatives supervisors at Bourse de Montréal Approved Participants
- UDPs, CCOs and compliance staff who design and test the supervision system
Learning outcomes
- Explain how the CIRO IDPC Rules, UMIR and MX rules overlap in one supervision system
- Distinguish what the firm owns (the system) from what the designated Supervisor owns (the reviews)
- Map firm-level and individual obligations to the rule that imposes them
- Apply the cross-cutting themes: written risk-based procedures, tiered review, evidence, escalation and proficiency
What is included
- Seven online, self-paced lessons in three sections
- Final assessment
- Completion certificate
- [CONFIRM: course length and CE credit eligibility]
At a glance
Individual seat
One learner. [CONFIRM: tax treatment and access period]
Why this framework
Three rulebooks, one supervision system
A dealer active in securities and listed derivatives is supervised under three overlapping regimes. A compliant system satisfies all three at once.
CIRO IDPC Rules
Account & conduct supervision
Account opening, suitability and trade review. Core: Rule 3900, with Rule 3600 (advertising/research) and Rule 2600 (registration & proficiency).
UMIR
Marketplace trading supervision
Prevent and detect manipulative or abusive order flow. Anchor: Rule 7.1 & Policy 7.1, plus gatekeeper Rules 10.16 / 10.17.
Bourse de Montréal
Listed-derivatives supervision
Options & futures conduct, position/exercise limits and large-position reporting. Core: Rule Seven (Art. 7452) and Rule Six.
The core principle
Firm vs. individual — who owns what
Dealer Member (the firm)
Owns the SYSTEM
- Designs the supervision framework and sets standards
- Resources it and appoints qualified, proficient supervisors
- Governs it at board / UDP level and assesses it periodically
- Remains accountable for the acts and omissions of its Approved Persons and Supervisors
Designated Supervisor (individual)
Owns the REVIEWS
- Approves accounts and reviews trading activity
- Pre-approves advertising and supervises derivatives activity
- Escalates what cannot be resolved at their tier
- Evidences every review, approval, query and disposition
The common architecture
Cross-cutting themes across all three regimes
Firm owns the system
The individual owns the reviews — delegation keeps accountability with the firm.
Written, risk-based P&P
Rule 3900 Part B, UMIR 7.1 / Policy 7.1, and MX Art. 7452(2) all require documented procedures.
Tiered supervision
Account-opening approval and multi-tier trade review appear in every regime.
Evidence & retention
A defensible audit trail of reviews; seven-year retention under MX 7466–7467.
Escalation & gatekeeping
UMIR 10.16 reporting, IDPC escalation to CCO/UDP, MX surveillance duties.
Proficiency & coverage
Supervisors hold role proficiency (2603); alternates ensure continuous coverage.
Syllabus
Course outline
Foundations
The three regimes
Bringing it together
Final assessment
In summary
One coherent, defensible program
- The firm designs, resources and owns the supervision system.
- The designated Supervisor discharges the delegated reviews and approvals.
- Both roles can be held accountable — map each control to its rule.
- Evidence every review and escalate on defined thresholds.
Talk to us
Enrolling a team?
Group enrolment includes a single invoice and completion records for your files.
