Notice of Commission Approval – Amendments to MFDA By-law No. 1, Section 1 (Definitions) and Section 22 (Investigatory Powers) – Mutual Fund Dealers Association of Canada (MFDA)

  
The Ontario Securities Commission has approved proposed amendments to section 1 (Definitions) and section 22 (Investigatory Powers) of MFDA By-law No. 1.

The objectives of the proposed amendments are to: (i) update and clarify section 22 to ensure that it reflects current MFDA practices; and (ii) harmonize the MFDA examination and investigatory powers with equivalent powers under the rules of the Investment Industry Regulatory Organization of Canada.

The proposed amendments were published for public comment on March 21, 2019.  Four comment letters were received.  The MFDA has made non-substantive changes to the proposed amendments as published in 2019 in response to the comments received.  A summary of the public comments and the MFDA’s responses, as well as a blacklined copy of the proposed amendments showing changes made to the version published for comment, can be found at http://osc.gov.on.ca.  The amendments will be effective on a date to be subsequently determined by the MFDA.

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 have either not objected to or have approved the proposed amendments.