TC-1.2.1

Investment firm licensees must not allow an individual to undertake or supervise controlled functions unless that individual has been assessed by the investment firm licensee as competent in accordance with this Section.

TC-1.2.2

In the case of new personnel, the investment firm licensee should ensure that they work under proper supervision. Where a person is working towards attaining a level of competence, they should be supervised by a competent person until they can demonstrate the appropriate level of competence. It is the investment firm licensee's responsibility to ensure that such arrangements are in place and working successfully.

TC-1.2.3

In determining an individual's competence, licensees may assess if the person is fit and proper in accordance with Chapter AU-3.

TC-1.2.4

Investment firm licensees will assess individuals as competent when they have demonstrated the ability to apply the knowledge and skills required to perform a specific controlled function without supervision.

TC-1.2.5

The assessment of competence will be dependent on the nature and the level of complexity of the controlled function. Such assessment of competence of new personnel may take into account the fact that an individual has been previously assessed as competent in a similar controlled function with another investment firm licensee.

TC-1.2.6

If an investment firm licensee assesses an individual as competent in accordance with TC-1.2.4 to perform a specific controlled function, it does not necessarily mean that the individual is competent to undertake other controlled functions.

TC-1.2.7

A firm should use methods of assessment that are appropriate to the controlled function and to the individual's role.

Record Keeping