Industry


Dealer Oversight


Most investment funds that have filed a prospectus for their securities sell them to the public through dealers that are registered in the category of "mutual fund dealer" or "investment dealer."

  • A dealer registered in the category of "mutual fund dealer" is only permitted to sell securities of a mutual fund. Under National Instrument 31-103 Registration Requirements and Exemptions (NI 31-103), a mutual fund dealer is required to be a member of a self-regulatory organization known as the Mutual Fund Dealers Association of Canada (MFDA).
  • A dealer registered in the category of "investment dealer" is permitted to sell all types of securities, including securities of investment funds. Under NI 31-103, an investment dealer is required to be a member of a self-regulatory organization known as the Investment Industry Regulatory Organization of Canada (IIROC).
  • A dealer registered in the category of "scholarship plan dealer" is only permitted to sell securities of a scholarship plan.
  • Dealers that only sell securities under a prospectus exemption are generally registered in the category of "exempt market dealer." For more information on registration, see Information for Dealers, Advisers and Investment Fund Managers.
For more information: