Mutual Fund Dealers Association of Canada
Association canadienne des courtiers de fonds mutuels
121 King Street West, Suite 1600, Toronto, Ontario, M5H 3T9
TEL: 416-361-6332 FAX: 416-943-1218 WEBSITE: www.mfda.ca
Contact: David Liptrott
Senior Membership Services Coordinator
May 20, 2004
For Distribution to Relevant Parties within your Firm
Revised Membership Application Package
The MFDA Board of Directors has approved revisions to the MFDA Membership Application
Package. The revised Membership Application Package must be used by all new mutual fund
dealer registrants applying for MFDA membership.
The MFDA’s initial Membership Application Package and new Member acceptance process was
developed in March 2001 and was designed to bring pre-existing mutual fund dealer registrants into
membership. As the MFDA has admitted all existing mutual fund dealers into membership,
subsequent applications for MFDA membership will be from new start-up organizations.
Accordingly, the Membership Application Package has been revised to account for this change. The
Membership Application Package has also been updated to provide more guidance to applicants in
complying with MFDA requirements.
Significant changes from the previous Membership Application Package include the following:
the requirement to submit a business plan;
the requirement to file an audited MFDA Financial Questionnaire and Report, not more than
90 days old and unaudited monthly MFDA Financial Questionnaire and Report(s) for month
end(s) subsequent to the date of the audited FQR;
the requirement to file an Auditor’s Report regarding the applicant’s system of books and
the requirement to provide a copy of a trust bank statement and Notice to Financial Institution
the requirement to file an Undertaking Regarding Retractable Preferred Shares (if applicable);
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the requirement to submit additional account opening documents, including limited trading
authorizations, risk of leveraging disclosure, client complaint information disclosure, dual
occupation disclosure, if applicable, and referral arrangement disclosure, if applicable;
the requirement to submit referral and service agreements; and
the requirement to submit a checklist that compares the applicant’s policies and procedures
manual to MFDA requirements.
The revised Membership Application Package dated April 2004 can be found under the
Membership Section of the MFDA website at www.mfda.ca.
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