Notice of Commission Approval – Amendments to MFDA Rules and Policy No. 6 Resulting from NI 31-103 Registration Requirements and Exemptions – Mutual Fund Dealers Association of Canada (MFDA)

 
The Ontario Securities Commission (OSC) has approved the MFDA's proposed amendments to MFDA Rule 1.2 (Individual Qualifications), Rule 2.5 (Minimum Standards of Supervision), Rule 5.6 (Record Retention) and Policy No. 6 Information Reporting Requirements. In addition, the Alberta Securities Commission, British Columbia Securities Commission, Saskatchewan Financial Services Commission, Manitoba Securities Commission, New Brunswick Securities Commission and Nova Scotia Securities Commission have either approved, not disapproved, or not objected to the amendments.

The amendments are conforming and consequential in nature and are intended to ensure that the requirements under the MFDA Rules and Policies are consistent with those under National Instrument 31-103 Registration Requirements and Exemptions (NI 31-103).

The amendments were published for a 90-day comment period in the Ontario Securities Commission Bulletin on December 25, 2009. The MFDA received six comment letters on the proposed amendments. The MFDA's summary and responses to these comment letters is in Chapter 13 of this Bulletin.

Also in Chapter 13 is a blacklined copy of Rules 1.2, 2.5, 5.6 and Policy No. 6 showing the changes to the version published in December 2009. Some amendments proposed in the December 2009 version respecting proficiency, referral arrangements and content of account statement requirements have been put on hold pending the coming into force of proposed revisions to similar requirements under NI 31-103.