OSC Staff Notice – Notice of Revocation of the 2008 Commission Approval to Proposed Amendments to Sections 1 (Definitions) and 3 (Directors) of MFDA By-Law No. 1 – Mutual Fund Dealers Association of Canada (MFDA)

Market Regulation Document Type
MFDA rule review

On November 28, 2008, the OSC published a notice of approval on an amended and restated recognition order of the MFDA (amended Recognition Order) and amendments to MFDA By-law No. 1 including proposed amendments to the public director definition (old amendments). The MFDA did not implement the old amendments. As a result, as of November 14, 2012, the BCSC, as a principal regular, and the MFDA's recognition regulators {1} including the OSC revoked or rescinded their non-objection to or approval of {2} these old amendments.

The MFDA subsequently proposed new amendments to sections 1 (Definitions) and 3 (Directors) of MFDA By-law No. 1 (new amendments). The OSC approved the new amendments and published a notice of approval on October 25, 2012.

{1} The Alberta Securities Commission, Saskatchewan Financial Services Commission, Manitoba Securities Commission, Ontario Securities Commission, New Brunswick Securities Commission and Nova Scotia Securities Commission.

{2} Non-objection and approval are the different ways in which the recognizing regulators express their decisions after reviewing proposed MFDA rules.