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Bulletin #0372-P

Policy
MFDA Rule 1.2.1(d)(vii) (Dual Occupations – Financial Planning)

Contact: Aamir Mirza
BULLETIN #0372 – P
Senior Legal & Policy Counsel
April 29, 2009
Phone:
(416)
945-5128
E-mail: amirza@mfda.ca


MFDA Bulletin

Policy

For Distribution to Relevant Parties within your Firm

MFDA Rule 1.2.1(d)(vii) (Dual Occupations – Financial Planning)

Proposed amendments to MFDA Rule 1.2.1(d)(vii) (Dual Occupations – Financial Planning)
received approvals of the Recognizing Jurisdictions of the MFDA. The amendments clarify the
requirements an Approved Person must comply with in order to conduct financial planning
outside an MFDA Member.

The amendments were published for comment on June 27, 2008. The MFDA received two
comment letters on the proposal, which may be viewed at:
https://mfda.ca/regulation/comments.html#1-2-1-d .

The MFDA will be seeking Member approval for these amendments at the Annual General
Meeting that will take place on December 3, 2009 in Toronto.

The British Columbia Securities Commission Notice of Non-Objection may be viewed on the
British Columbia Securities Commission website at: http://www.bcsc.bc.ca/sros.asp?id=7764


Schedule “A”

Rule 1.2.1 – (Salespersons)

1.2.1 Salespersons

(d)
Dual Occupations. An Approved Person may have, and continue in, another gainful
occupation, provided that:

(vii)
Financial planning. Any Approved Person that engages in financial planning
services otherwise than through or on behalf of a Member must:

(A)
Regulations -– be regulated by a governmental authority or statutory
agencyprovide such services through another person that is either
regulated by a governmental authority or statutory agency or subject to the
rules and regulations of a widely-recognized professional association;

(B)
Legislation – comply with the requirements of any applicable legislation in
connection with the services;

(C)
Access – ensure that, subject to any applicable legislation, the Member and
the Corporation have access to financial plans prepared on behalf of the
clients of the Member by its Approved Persons; and

(D)
Proficiency – have satisfied any applicable proficiency requirements by
securities regulatory authorities having jurisdiction.

DOCs#171643

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