The MFDA Board of Directors and the recognizing securities commissions have approved MFDA Policy 6 (Information Reporting Requirements) and amendments to MFDA Rule 1.2.5, Rule 1.2.6 and Policy 3.
The amendments to Rule 1.2.5 set out a general reporting framework for MFDA Members and Approved Persons while Policy 6 provides specifics on such reporting. The Policy requires all information set out in Parts A and B of the Policy to be reported to the MFDA electronically. The amendments to Rule 1.2.6 and Policy 3 are all consequential amendments due to the incorporation of certain prior existing requirements into Policy 6 and the amended Rule 1.2.5.
Policy 6 and the amendments will be effective July 3, 2007 and the reporting of any new matters will be enforced on a transitional basis until September 4, 2007. During the transition period deficiencies in information reporting will be enforced on an instructional rather than disciplinary basis.
Designation of Member Event Tracking System (“METS”)
Pursuant to Rule 1.2.5 the MFDA is designating METS as the electronic reporting system to which Members must report events as required by Parts A and B of Policy 6. Beginning July 3, 2007 METS may be accessed at www.mfda.ca/mets.
Events with a date of initiation prior to July 3, 2007 do not need to be reported through METS. Any reportable disciplinary or compensatory response taken by a Member after July 3, 2007 resulting from events with an initial date prior to July 3, 2007 must be reported.
Further guidance on the use of METS will be available in the METS Reporting Guide and the METS software manual.
Reporting in Quebec
Reportable events regarding Approved Persons resident in Quebec do not have to be reported through METS if the subject matter of the event occurred within Quebec (this applies whether or not the Approved Person is registered in other provinces). When the subject matter of an event occurred in a province or territory other than Quebec regarding an Approved Person resident in Quebec a report must be filed through METS.