Notice of Commission Approval – Proposed Amendments to MFDA Rule 1.1.1(a) Regarding Business Structures – Mutual Fund Dealers Association of Canada (MFDA)

Market Regulation Document Type
MFDA rule review

The Ontario Securities Commission approved proposed amendments to MFDA Rule 1.1.1(a) regarding business structures. In addition, the Alberta Securities Commission, Nova Scotia Securities Commission and Saskatchewan Financial Services Commission approved and the British Columbia Securities Commission did not object to the proposed amendments. The proposed amendments will provide flexibility to banks in structuring their businesses by allowing Approved Persons who are dually employed by a MFDA member and an affiliated bank to conduct certain securities related business through the bank as permitted by the Bank Act (Canada) and applicable securities legislation. A copy and description of these amendments were published on July 11, 2003 at (2003) 26 OSCB 5412. A public comment was received, but did not result in any revisions to the proposed amendments. The MFDA's summary of public comment and response are contained in Chapter 13 of this Ontario Securities Commission Bulletin.