Notice of Commission Approval – Housekeeping Amendment to MFDA By-law No. 1, Section 18.2.2, Regarding Regional Councils – Ex Officio Members – Mutual Fund Dealers Association of Canada (MFDA)

Current By-law

Section 18.2.2 of By-law No. 1 lists the ex-officio members of each of the Regional Council as the immediate Past Chair of the Region, the Chair of the MFDA, the President of the MFDA, and the Regional Director of the MFDA for the Region in which the Regional Council is located.

Reasons for Amendments

The proposed amendment to Section 18.2.2 will expand the list of ex officio members entitled to attend and vote at the Regional Council meetings to include the Director of Regional Councils. The new MFDA staff position, the Director of Regional Councils, was created to provide assistance in the implementation of the MFDA Regional Councils and to play an active role in the management of the activities of the Regional Councils going forward. The position has been added to the list of ex officio members to facilitate more complete participation in the work of the Councils.

Description of Amendment

The proposed amendment will add the phrase "the Director of Regional Councils" to the list of individuals who shall be ex officio members of the Regional Council entitled to attend and vote at the meeting of the council.

The amendment to section 18.2.2 is housekeeping in nature in that it reflects changes in routine procedures and administrative practices of the MFDA and does not impose any significant burden or any barrier to competition that is not appropriate.

Effective Date

The amended section of By-law No. 1 will be effective on a date to be subsequently determined by the MFDA.

MUTUAL FUND DEALERS ASSOCIATION OF CANADA

MFDA By-law No. 1

On June 18, 2004, the Board of Directors of the Mutual Fund Dealers Association of Canada made and enacted the following amendment to MFDA By-law No. 1:

18. REGIONAL COUNCILS

18.2 Composition

Each Regional Council shall be composed of:

18.2.1 Elected

From 4 to 20 members, as may be determined by the Board from time to time, including a Chair and a Vice-Chair, to be elected in accordance with Section 18.5 and who shall be entitled to attend and vote at meetings of the Council;

18.2.2 Ex-officio

The immediate Past Chair of the Region, the Chair of the Corporation, the President, the Director of Regional Councils and the Regional Director of the Corporation for the Region in which the Regional Council is located who shall be ex-officio members of such Regional Council entitled to attend and vote at meetings of the Council; and