Notice of Commission Approval – Amendments to MFDA By-Law No. 1 Sections 3.3 (Election and Term), 3.6.1 (Governance Committee) and 4.7 (Quorum) – Mutual Fund Dealers Association of Canada (MFDA)

 
The Ontario Securities Commission has approved the proposed amendments (Amendments) to section 3.3 (Election and Term), 3.6.1 (Governance Committee) and 4.7 (Quorum) of MFDA By-law No. 1.  The Amendments increase the term limits for industry and public directors, provide that a majority of public directors be present at board meetings and governance committee meetings, and require that the governance committee consist of a majority of public directors.

The Amendments were published for public comment on March 14, 2019.  Eleven public comment letters were received.  A summary of the public comments and the MFDA’s responses can be found at www.osc.gov.on.ca.  The Amendments will be effective on a date to be subsequently determined by the MFDA.

In addition, the British Columbia Securities Commission; the Alberta Securities Commission; the Financial and Consumer Affairs Authority of Saskatchewan; the Financial and Consumer Services Commission of New Brunswick; the Manitoba Securities Commission; the Nova Scotia Securities Commission; the Office of the Superintendent of Securities, Service Newfoundland and Labrador; and the Prince Edward Island Office of the Superintendent of Securities Office have either not objected to or have approved the Amendments.