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Housekeeping Amendments to MFDA Rule 1.1.7 (Business Names, Styles, etc.) – Mutual Fund Dealers Association of Canada (MFDA)
Current Rule
MFDA Rule 1.1.7(d) currently requires Members to notify the MFDA prior to the use of any business or style or trade names other than the Member's legal name.
Reasons for Amendment
The intent of MFDA Rule 1.1.7(d) is to ensure that the MFDA is aware of what business, style or trade names are being used by the Approved Persons of the Member and for what purpose. The proposed amendment is intended to clarify that the requirement in Rule 1.1.7(d) to notify the MFDA prior to the use of any business, style or trade names other than the Member's legal name applies to any business, style or trade names to be used by Approved Persons in connection with the business of the Member as well as business carried on by Approved Persons outside of the Member.
Description of Amendment
The amendment will add the sentence "Such notification shall include any business or style or trade names used by Approved Persons in connection with the business of the Member or any business carried on by Approved Persons outside of the Member under Rule 1.2.1(d)."
The proposed amendment is housekeeping in nature in that it is intended to clarify existing requirements and the current language of the Rule.
Effective Date
The amended Rule will be effective on a date to be subsequently determined by the MFDA.
MUTUAL FUND DEALERS ASSOCIATION OF CANADA
BUSINESS NAMES, STYLES, ETC. (Rule 1.1.7)
On May 22, 2008, the Board of Directors of Mutual Fund Dealers Association of Canada made the following housekeeping amendments to subsection (d) of MFDA Rule 1.1.7:
1.1.7 Business Names, Styles, Etc.
(d) Notification of Trade Names. Prior to the use of any business or style or trade names other than the Member's legal name, the Member shall notify the Corporation. Such notification shall include any business or style or trade names used by Approved Persons in connection with the business of the Member or any business carried on by Approved Persons outside of the Member under Rule 1.2.1(d).