OSC encourages stakeholders to provide comments on proposed MFDA Policy No. 11 Proficiency Standards for the Sale of Alternative Mutual Funds

On November 25, 2021, the Mutual Funds Dealers Association of Canada (MFDA) published for public comment proposed MFDA Policy No. 11 Proficiency Standards for the Sale of Alternative Mutual Funds (MFDA Policy No. 11), which sets out proficiency requirements for the distribution of alternative mutual funds by MFDA Members and Approved Persons.

The Proposed MFDA Policy No. 11 is intended to replace the proficiency requirements in National Instrument 81-104 Alternative Mutual Funds (NI 81-104). The CSA expects that NI 81-104 will eventually be repealed if Proposed MFDA Policy No. 11 comes into effect.  

The OSC’s Notice announcing the publication is available here: Request for Comment - Proposed New MFDA Policy No. 11 – Proficiency Standards for the Sale of Alternative Mutual Funds.

Staff of the Investment Funds and Structured Products Branch of the OSC encourage stakeholders to provide feedback on MFDA Policy No. 11 by submitting comments to the MFDA using the methods set out in the MFDA Notice. The deadline for comments is January 24, 2022.

Questions:

Stephen Paglia, Manager, Investment Funds and Structured Products Branch
[email protected]

Irene Lee, Senior Legal Counsel, Investment Funds and Structured Products Branch
[email protected]