BULLETIN #0270-P

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Contact: Mark
Stechishin
BULLETIN #0270 – P
Senior Legal & Policy Counsel
July 20, 2007
Phone: (416) 943-4677
E-mail: mstechishin@mfda.ca


MFDA Bulletin

Policy

For Distribution to Relevant Parties within your Firm

Amendments to MFDA By-law No. 1 – Section 19.9 (Hearing Panels)

The MFDA Board of Directors and the recognizing securities commissions have approved
amendments to MFDA By-law No.1. Members confirmed the amendments at the Annual
General and Special Meeting of MFDA Members on December 1, 2006. The amended By-law,
attached as Schedule “A”, is effective immediately.

Section 19.9 of MFDA By-law No. 1 currently requires that a hearing panel must always consist
of three members of the Regional Council: one public representative who must be the Chair of
the hearing panel and two industry representatives who may be either elected or appointed
members of the Regional Council but shall not include ex-officio members of the Council.

The amendments to s. 19.9 allow for a hearing panel to continue as a two-member panel should
an industry appointed hearing panel member be unable to continue to participate in the hearing.
The hearing may continue with a two member panel only where the Chair of the hearing panel is
able to continue to participate and decides it is appropriate to do so.

SCHEDULE “A”

19.9
Hearing Panels

The authority of a Regional Council under Sections 20 and 24 shall be exercised on its behalf by
a Hearing Panel appointed from the members of the Regional Council. Hearing Panels shall be
composed of:

(a) three members of the Regional Council: one public representative, who will be the Chair
of the Hearing Panel, and two industry representatives who may be either elected or
appointed members of the Regional Council, but shall not include ex-officio members of
the Council; or

(b) two members of the Regional Council: one public representative who will be the Chair of
the Hearing Panel and one industry representative in the event that an industry
representative in (a) above is unable to continue to serve on a Hearing Panel. The Chair
of the Hearing Panel shall decide whether or not to proceed with a two-member Hearing
Panel.

Appointments of members to a Hearing Panel shall be made in accordance with the rules of
procedures prescribed pursuant to Section 19.12.

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