Industry


MUTUAL FUND DEALERS ASSOCIATION OF CANADA

(MFDA)

REQUIREMENTS RELATING TO THE DISCLOSURE OF MFDA MEMBERSHIP

NOTICE OF COMMISSION APPROVAL

The Ontario Securities Commission has approved proposed MFDA Rule 2.13 (Disclosure of MFDA Membership) and proposed MFDA Policy No. 10 Disclosure of MFDA Membership. The rule and policy requires MFDA members to disclose to clients, on account statements and on the member’s website, that they are regulated by the MFDA. The purpose of the rule and policy is to promote client awareness of the regulatory oversight exercised by the MFDA in respect of MFDA members and their approved persons.

The rule and policy was published for public comment on June 29, 2017. An original proposal was published for public comment on June 18, 2015. In response to comments received, the MFDA published the rule and policy and withdrew the original proposal. No comment letters were received for the rule and policy. A blacklined copy of rule and policy showing changes made to the version published for public comment can be found at http://www.osc.gov.on.ca. The rule and policy are effective January 1, 2019.

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 and the Prince Edward Island Office of the Superintendent of Securities did not object to or approved the rule and policy.