Notice of Commission Approval – Amendments to MFDA Rule 5.3.1 – Delivery of Account Statement – Mutual Fund Dealers Association of Canada (MFDA)

Market Regulation Document Type
MFDA rule review

The Ontario Securities Commission approved amendments to MFDA Rule 5.3.1 regarding delivery of account statement. 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 amendments. The amendments to MFDA Rule 5.3.1 allow a MFDA Member operating in client name to rely on the trustee administering self-directed registered plans to send account statements under certain conditions. The amendments also permit a Member to rely on the affiliated fund manager to send the client account statements, when the Member is affiliated with a mutual fund manager and, in connection with a specific client account, is only selling the mutual fund securities of an issuer managed by the affiliated manager. A copy and description of these amendments were published on July 11, 2003 at (2003) 26 OSCB 5409. A summary of the public comments received and the final amendments to Rule 5.3.1 blacklined from the version published on July 11, 2003 are contained in Chapter 13 of this Bulletin.