Notice of Approval – Amendments to MFDA Rule 2.3 (Power of Attorney/Limited Trading Authority/Discretionary Trading) – Mutual Fund Dealers Association of Canada (MFDA)

Market Regulation Document Type
MFDA rule review

 
The Ontario Securities Commission has approved the proposed amendments to MFDA Rule 2.3 and consequential amendments to MFDA Policy No. 2 (Minimum Standards for Account Supervision) and MFDA Policy No. 5 (Branch Review Requirements). The objectives of the amendments are to promote clarity and understanding among Members and Approved Persons of MFDA requirements with respect to the limited circumstances in which Approved Persons may act under powers of attorney or as trustees or executors for clients.

The proposed amendments to MFDA Rule 2.3, MFDA Policy No. 2 and MFDA Policy No. 5 were published for comment on March 10, 2016 for a 90-day period at (2016) 39 OSCB 2448. Five comment letters were received. A copy of the MFDA's summary of and responses to the comment letters, and a blacklined copy of the proposed amendments showing changes made to the version published for comment can be found at http://www.osc.gov.on.ca. The amendments are effective immediately.

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 Office did not object to or approved the amendments.