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

The Ontario Securities Commission has approved the proposed amendments (Amendments) to MFDA Rule 1.1.1(a) (Business Structures – Members). The Amendments allow Approved Persons to sell securities issued by a credit union to its members:

• as an employee of a credit union for the account of, and through the facilities of, the credit union rather than the MFDA member; and
• in accordance with local credit union and securities legislation.

The Amendments are similar to an exception currently available under MFDA Rule 1.1.1(a) to Approved Persons dually employed by banks.

The Amendments were published for public comment on October 24, 2019. No comment letters were received. 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 have either not objected to or have approved the Amendments.