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BULLETIN #0796-P
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Paige Ward

General Counsel, Corporate Secretary and Vice President, Policy

(416) 943-5838

pward@mfda.ca

BULLETIN #0796-P

October 24, 2019

Policy

For Distribution to Relevant Parties within your Firm

Proposed Amendments to MFDA Rule 1.1.1(a) Business Structures - Members

On October 24, 2019 the British Columbia Securities Commission (“BCSC”) published for public comment proposed amendments to MFDA Rule 1.1.1(a). The proposed amendments will permit Approved Persons to engage in securities related business as an employee of a credit union, as currently permitted by applicable securities legislation, for the account of, and through, the facilities of the credit union, rather than the Member. These changes will more closely align MFDA Rules with existing exemptions available under securities legislation, and provincial credit union legislation, and adopt greater consistency within Rule 1.1.1 with respect to the granting of exceptions where another regulatory framework is in place.

Comments

Comments should be made in writing. One copy of each comment letter should be delivered by January 22, 2020 (within 90 days of the BCSC’s publication of the proposed amendments), addressed to the attention of: Paige Ward, General Counsel, Corporate Secretary and Vice-President, Policy, Mutual Fund Dealers Association of Canada, 121 King St. West, Suite 1000, Toronto, Ontario, M5H 3T9, and one copy addressed to the attention of: Anne Hamilton, Senior Legal Counsel, British Columbia Securities Commission, 701 West Georgia Street, P.O. Box 10142, Pacific Centre, Vancouver, British Columbia, V7Y 1L2.

Those submitting comment letters should be aware that a copy of their comment letter will be made publicly available on the MFDA website at www.mfda.ca.

To view the proposed amendments, please go to: www.mfda.ca.

The proposed amendments may also be viewed on the BCSC’s website at: www.bcsc.bc.ca.

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