Notice of Commission Approval – Amendments to MFDA Policy No. 9 Continuing Education (CE) Requirements – Mutual Fund Dealers Association of Canada (MFDA)

The Ontario Securities Commission (Commission) has approved proposed amendments to the MFDA Policy No. 9 – Continuing Education (CE) Requirements (Amendments).

The Amendments are complementary to the rules and policies establishing CE requirements for MFDA Members and their Approved Persons, which were approved by the Commission in 2019. The Amendments confirm the entities that can be recognized as accreditors; provide greater clarity and guidance relating to the criteria that accreditors must use to evaluate the CE activity; establish the use of the MFDA CE Tracking System (CERTS) for the purpose of administering the MFDA CE program; eliminate the requirements for Members to submit self-accreditation report; and clarify the eligibility periods for the CE activity.

The Amendments were published for public comment on March 26, 2020 for a 135-day period ending August 10, 2020. Eight comment letters were received. The MFDA has made some non-substantive changes 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 Amendments showing changes made to the version published for comment can be found at www.osc.ca.

The Amendments along with the MFDA CE requirements will come into effect on December 1, 2021. The MFDA continues to test the resiliency of CERTS to identify and remedy potential weaknesses. Staff of the Commission will continue to oversee and obtain regular reporting with respect to testing and implementation of CERTS.

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; the Prince Edward Island Office of the Superintendent of Securities Office; Office of the Superintendent of Securities, Northwest Territories, Office of the Superintendent of Securities, Nunavut and Office of the Yukon Superintendent of Securities have either not objected to or have approved the Amendments.