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Bulletin #0845-P

For further information, please contact:

Brett Konyu
Director, Member Education and Membership Services
For Distribution to Relevant Parties within your Firm

Update Regarding Requests for Paper Documents and Original Signatures

Historically, MFDA Staff has requested that Members and third parties submit paper copies of signed original agreements, financial statements, reports and other documents. There has been significant evolution in the law with regard to electronic signatures. There is also greater availability of technological solutions that facilitate the electronic signing of documents in a manner that meets legal and regulatory requirements. In addition, due to the COVID-19 pandemic, the MFDA and Members are now primarily operating remotely.

Given these developments, MFDA staff has been accepting documents in electronic format (i.e. with electronic signatures) and intends to continue this practice going forward. The following is a list of documents that will continue to be accepted in electronic format, provided that they are legally executed by Members and/or third parties:

  • Annual Audited Form 1 (IFRS) {Rule 3.5.1(b)} – Certificate of Partners or Directors, Auditor’s Reports and Notes to the Audited Form 1 should be attached to the filing using the Electronic Filing System (EFS);
  • Uniform Subordinated Loan Agreement {Notes and Instructions to Statement F of the Form 1};
  • Uniform Guarantee by Members and Related Members {Rule 3.2.4};
  • Undertaking Regarding Retractable Preferred Shares {MSN-0013}; and
  • Bare Trustee Custodial Agreement {MSN-0058}.

Appropriate revisions have been made to MSN-0013, and MSN-0058. As part of the MFDA Rule Review Project, MFDA staff will be amending certain MFDA requirements to clarify the ability of Members to submit documents electronically.