When CIRO's new proficiency rules landed on January 1, 2026, the Canadian Securities Course got the headlines. It was the famous one. It was the one your manager named.
The Conduct and Practices Handbook Course died on exactly the same day. It was the course that taught the industry how to behave, and people are still enrolling in it.
Here is the notice at the top of CSI's CPH course page right now:
"Effective January 1, 2026, the proficiency rules applicable to Investment Dealer Approved Persons with CIRO have changed. This course is no longer acceptable for the purposes of CIRO approval with an Investment Dealer."
That is word for word the notice on the CSC page, posted the same day. The provider is telling you its own course no longer opens the door.
The short version: The CPH was a CSI self-study course on the rules, practices and ethics of the Canadian securities industry — 40 to 55 study hours, one 100-question exam, $641 to $681. Together with the CSC it was the minimum proficiency for a Registered Representative. Since January 1, 2026 it no longer counts for CIRO approval. What it tested now lives inside the CIRE, a single $475 exam. If you enrolled before 2026 there is a transition window, and it closes on January 1, 2027.
The rest of this is the long version: what the course was, what took over its job, the naming trap that is catching people this year, and what to do depending on where the change found you.
What the CPH actually was
Strip away the acronym and the CPH was the industry's rulebook class. CSI describes it as covering the rules, regulations, practices and ethics set by provincial securities administrators and CIRO for investment advisors and representatives, with the stated aim of building ethical decision-making and an understanding of standards of conduct.
In practice it was the course that answered the awkward questions. What do you do when a client's adult daughter calls about her father's account. When does a gift become an inducement. What has to go in writing, and how fast. The CSC taught you what a debenture is; the CPH taught you what you are allowed to do once somebody hands you one.
The mechanics, from CSI's own pages in October 2026:
| CPH | |
|---|---|
| Study hours | 40–55 |
| Enrolment period | 1 year |
| Exams | One — 100 multiple-choice questions, 3 hours |
| Pass mark | 60% |
| Attempts | 3 |
| Price | $681 with hard-copy textbook, $641 with PDF |
It was never a course anyone took for pleasure. It was the second box on a two-box checklist.
Why it mattered: it was half the licence
The CPH's authority came from being named in the rules. An IIROC filing describing its agreement with CSI puts the three regulatory courses in one bracket:
"the Canadian Securities Course, the Conduct and Practices Handbook Course, and the Wealth Management Essentials Course (i.e., the minimum required proficiencies for IIROC approved Registered Representatives)"
You did not take the CPH because it was interesting. You took it because the regulator's own list said you had to.
That is also why the January 2026 change hits harder than a course retirement normally would. The CPH never had a market of its own to fall back on.
What replaced it: one exam
For the investment-dealer stream the entry requirement is the Canadian Investment Regulatory Exam (CIRE): 110 multiple-choice questions in 120 minutes, $475 for a first attempt and $300 for a retake. Conduct did not get dropped on the way across. Of the CIRE's nine elements, regulatory framework, prospective client relationships, scope of client relationships, complaint handling, and conflicts of interest and ethics all cover ground the CPH used to own — and the exam tests it in client scenarios rather than definitions.
At CSI's current list prices, the CSC and the CPH together came to $1,639 to $2,079 and 175 to 255 hours of prescribed study. One $475 exam now does the job of both.
The naming trap: CPH is not CIRO Conduct Training
There are two different things with "conduct" in the name, and they have nothing to do with each other.
| CPH (Conduct and Practices Handbook Course) | CIRO Conduct Training | |
|---|---|---|
| Who ran it | CSI | CIRO |
| Who it was for | Candidates, before approval | People who are already Approved Persons |
| Cost | $641–$681 | Free |
| Status | No longer counts for CIRO approval | Mandatory, deadline December 31, 2026 |
| Miss it and | You do not get approved | You are automatically suspended |
If you were approved before this year, Conduct Training is on your list and the CPH is not. The deadline is real and the suspension is automatic — the details, and the filing step people miss.
If you are a candidate trying to get approved, neither of these is your first job. The CIRE is.
Do you still need the CPH? Find your situation
-
You are starting out today and want to be an investment representative or advisor at a CIRO dealer. No. Your path is the CIRE, then the RSE or the ISE depending on the role. Begin with what the CIRE covers.
-
You enrolled in the CPH before January 1, 2026 and have not finished. You may still be able to use it, under four conditions that CIRO sets out in section 2629. All four have to hold: you enrolled in the CSI course before January 1, 2026; you complete the course and its exams before January 1, 2027; on completion you would satisfy the proficiency requirements that applied before 2026 for the category you are seeking; and your sponsoring dealer files your approval application before January 1, 2027. CIRO also flags that CSI's contract expired on December 31, 2025, so CSI exams run only until December 31, 2026. The dealer's filing is the condition people forget, and it is the one you do not control. Ask your firm this week.
-
You enrolled after January 1, 2026. The window does not reach you, and finishing will not license you at an investment dealer. The money is spent either way; the knowledge is not wasted. Conduct and ethics are a large slice of the CIRE, so a free readiness check will show you how much of the new exam you already cover.
-
A job posting or an internal checklist still says "CSC and CPH required". Plenty of them do, because plenty of them were written before 2026. That requirement belongs to the employer, not to CIRO. One question to HR — "is this still current under CIRO's new proficiency rules?" — can save you a four-figure invoice.
-
You already hold the CPH and you are already approved. You are fine. Approved Persons who stay in their role keep their approval; the new exams apply to people seeking it. Your 2026 obligation is Conduct Training. The one thing that changes that is a gap: CIRO deems you to have continued in the same role only if your approval did not cease for longer than 180 days. Come back after a longer break and the new proficiency requirements apply to you.
CPH vs CIRE, side by side
| CPH (old path) | CIRE (current path) | |
|---|---|---|
| What it is | CSI course plus certificate | CIRO's own licensing exam |
| Counts for CIRO approval | No for new enrolments; pre-2026 enrollees have until January 1, 2027 | Yes — it is the entry exam |
| Price | $641–$681 | $475 first attempt, $300 retake |
| Assessment | One exam, 100 questions, 3 hours | One exam, 110 questions, 120 minutes |
| Pass mark | 60%, published | Not published — set psychometrically per version |
| Mandatory coursework | The course is the product | None |
| Study time | 40–55 hours, plus the CSC's 135–200 | Your call; most candidates report 6–8 focused weeks |
CPH figures from CSI's CPH course, exam and enrolment pages, October 2026. CIRE figures from CIRO's exam hub.
Where to go from here
- See what the CIRE actually asks. What is CIRE? covers format and stakes. The nine elements show what is tested, with the official weights — useful if you want to know exactly where your CPH reading still pays.
- Find your real starting point. The free CIRE readiness check is 25 blueprint-weighted questions, about 15 minutes, no account. Five of the CIRE's nine elements cover ground the CPH used to own. The check tells you where you stand on the other four.
- Practise against your own gaps. Is the CIRE Hard? works through 14,000+ real practice answers and finds that the feared elements are not the dangerous ones. When you want volume, EnCiro's CIRE prep is 12,000+ exam-style questions with explanations, tracked element by element. The week-by-week version is How to Pass the CIRE.
FAQ
Is the CPH still required in 2026?
No, not for approval at a CIRO investment dealer. CSI's own CPH course page states that effective January 1, 2026 the proficiency rules changed and the course is no longer acceptable for the purposes of CIRO approval with an Investment Dealer. The conduct and ethics material it covered is now tested inside the CIRE.
What replaced the Conduct and Practices Handbook Course?
The CIRE — the Canadian Investment Regulatory Exam. CIRO replaced its course-based proficiency model with its own exams on January 1, 2026, and the CIRE is the entry exam for the investment-dealer stream: 110 multiple-choice questions in 120 minutes, $475 for a first attempt. Regulatory framework, client relationships, complaint handling, conflicts and ethics are all part of what it tests.
Is the CPH the same as CIRO Conduct Training?
No, and the names cause real trouble. The CPH was a paid CSI proficiency course you took before you were approved. CIRO Conduct Training is a free online course that existing Approved Persons must complete and have reported by December 31, 2026 or face automatic suspension. Finishing one does nothing for the other.
How much did the CPH cost and how long did it take?
CSI currently lists it at $681 with a hard-copy textbook and $641 with a PDF textbook, built for 40 to 55 study hours inside a one-year enrolment, assessed by a single 100-question exam over 3 hours with a 60% pass mark and three attempts. Those figures are from CSI's own pages in October 2026.
I enrolled in the CPH before 2026. Should I finish it?
Only if you can clear all four of CIRO's section 2629 conditions, and the window is closing. You must have enrolled before January 1, 2026, complete the course and its exams before January 1, 2027, end up satisfying the pre-2026 proficiency requirements for the category you want, and have a sponsoring dealer file your approval application before January 1, 2027. CIRO also notes that CSI's contract expired on December 31, 2025, so CSI exams run only to December 31, 2026. Talk to your dealer before you spend another evening on it.
Does CPH knowledge still count for anything?
The certificate no longer licenses you. Most of the knowledge transfers: five of the CIRE's nine elements cover ground the CPH used to own. If you have CPH material behind you, a readiness check will tell you how much of the CIRE you already cover.
Sources
- CSI — Conduct and Practices Handbook Course — the January 1, 2026 notice and course description (accessed October 2026)
- CSI — CPH Exam & Credits — exam format, study hours, enrolment period, pass mark, attempts
- CSI — CPH Enrolment — current pricing
- CIRO Guidance Note — Proficiency Model for Approved Persons of Investment Dealers — section 2629 transition conditions, the CSI contract expiry, pre- and post-approval requirements, automatic suspensions
- IIROC — History of IIROC's relationship with CSI and the Agreement — the CSC, CPH and WME named as the minimum required proficiencies for IIROC approved Registered Representatives
- CIRO — CIRE Exam Hub — CIRE format, fees and attempts
