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Bulletin #0496-P

Membership Information
MFDA 2011 Member Survey – Summary of Member Feedback

Contact: Ken Woodard
BULLETIN #0496 – P
Director, Communications & Membership Services
October 27, 2011
Phone: 416-943-4602
E-mail: kwoodard@mfda.ca

MFDA Bulletin

Membership Information

For Distribution to Relevant Parties within your Firm

MFDA 2011 Member Survey – Summary of Member Feedback

The MFDA issued a survey to Members earlier this year to obtain Member views as to the areas
of focus, goals and priorities for the MFDA, which will be used in the development of the
MFDA’s Strategic Plan 2012-2014. The survey was conducted electronically and sent out to
senior executives of all 122 active Member firms. A total of 57 surveys were completed,
reflecting a 47% response rate.

The previous Member survey was conducted in 2006. Overall, the 2011 survey indicates an
improvement in the level of Member satisfaction with the MFDA’s processes in all areas.

Attached, as Schedule “A”, is a summary of the Member feedback received from the survey.



SCHEDULE “A”


MUTUAL FUND DEALERS ASSOCIATION OF CANADA

MFDA 2011 MEMBER SURVEY

SUMMARY OF MEMBER FEEDBACK

October 2011

MFDA 2011 Member Survey – Summary of Member Feedback

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SUMMARY OF MEMBER FEEDBACK

The 2011 Member Survey requested that Members record their “Level of Satisfaction” and views on
the “Level of Importance” of specific aspects of MFDA operations including the following:

 Satisfaction with MFDA Staff
 Member Communications
 MFDA Website
 MFDA Annual Report
 Member Regulation Forums
 Annual General Meetings
 MFDA Compliance Examinations
 MFDA Enforcement

Attached, as Appendix “A”, is a summary of the results together with a comparison of the results of
the Member survey conducted in 2006.

Members were also invited to provide detailed comments and suggestions for areas covered by the
survey. Below is a summary of the key comments and suggestions made.

MEMBER COMMUNICATIONS

Overall, Members found Notices and Bulletins to be the most important communications issued by
the MFDA, and over 90% of Members responding were “Satisfied” or “Somewhat Satisfied” with
their content, format and frequency of dissemination. Some Members commented that the
information in Notices and Bulletins was too vague, while others commented that they were too
prescriptive. Other comments suggested that Notices be published in draft form to enable Members
to provide comment prior to adoption.

With respect to the MFDA website, over 92% of respondents were “Satisfied” or “Somewhat
Satisfied”
with the content, format and searching capabilities of the website. Some suggestions
were made to improve search functionality and improve the ability of Members to report
information to the MFDA through the website.

MFDA also requested Member feedback regarding the content of future webcasts. The majority of
respondents requested webcasts relating to new policy requirements, compliance guidance in key
areas and common examination findings.

Over 70% of respondents were either “Satisfied” or Somewhat Satisfied” with the layout, ease of
navigation and content of the Annual Report.

MEMBER FORUMS

Over 90% of respondents indicated the Member Regulation Forums were “Important” or
“Somewhat Important”. While over 90% of respondents were “Satisfied” or “Somewhat Satisfied
with the frequency, format and content of the Member Regulation Forums, 67% of respondents

MFDA 2011 Member Survey – Summary of Member Feedback

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indicated that the locations were inconvenient. Respondents also recommended more detailed and
smaller sessions and the use of webcasts.

Suggestions for presentation topics at future Member Regulation Forums included: the Client
Relationship Model initiative and OSC Point of Sale project; account statements; a review of new
and proposed Rules and Policies; and client complaints that raise novel issues. Suggestions for
topics for workshops at Member Regulation Forums included: investment and leverage suitability;
trend analysis techniques and future industry changes; and branch supervision.

ANNUAL GENERAL MEETING

54% of respondents reported attending an MFDA Annual General Meeting (AGM). Over 80%
were “Satisfied” or “Somewhat Satisfied” with the clarity of AGM meeting materials, format of the
AGM, the usefulness of the information presented, and their ability to participate.

Among those who have not attended an AGM, the main reasons cited were: 1) the location was
inconvenient; and 2) they were too busy to attend. The specific comments received indicated that
continued efforts should be made to ensure Member participation at the AGM.

MFDA COMPLIANCE EXAMINATIONS

90% of respondents were “Satisfied” or “Somewhat Satisfied” with the clarity of MFDA staff
information requests, the professionalism of MFDA staff and staff support respecting Member
questions. Some comments suggested that staff should adopt a more principles-based and less
prescriptive approach to the interpretation and application of MFDA Rules.

MFDA/IIROC MERGER

18 respondents (representing 35% of total respondents and 15% of total active Members) wanted
the MFDA to postpone exploring a possible merger with IIROC.

30 respondents (representing 59% of total respondents and 25% of total active Members) were in
favour of the MFDA exploring a possible merger with IIROC. However, 8 Members in favour of
exploring a merger preferred that the MFDA wait until a national securities regulator is established.
In response to the specific timing of a possible merger, 24 respondents (representing 47% of total
respondents and 20% of total active Members) preferred the MFDA to wait until a national
securities regulator is established.

In response to Member views, the MFDA Board of Directors has decided not to pursue possible
merger discussions with IIROC at this time.

STRATEGIC PLANNING PRIORITIES

The survey prompted Members to share their views as to the areas of focus, goals and priorities for
future MFDA strategic planning. Members responding to the survey selected the following areas as
top priorities for the MFDA in its strategic planning process:

 Continued Member participation in transparency and policy development;
 Efficiency and effectiveness of the MFDA Compliance and Enforcement processes;
 Training and education of Member supervisory personnel;

MFDA 2011 Member Survey – Summary of Member Feedback

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 Training and education of MFDA staff; and
 Role of the MFDA in the national securities regulatory framework.

MFDA 2011 Member Survey – Summary of Member Feedback

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Appendix “A”

Results of 2011 Member Survey and Comparison with 2006 Member
Survey

Question #3 – VARIOUS STAFF ATTRIBUTES – LEVEL OF SATISFACTION

Topic
Satisfied or Somewhat
Satisfied or Somewhat
Satisfied
Satisfied
2011
2006
Responsiveness of MFDA staff
96.4%
80.4%
Accessibility of MFDA staff
94.6%
88.3%
Professionalism of MFDA staff
93.1%
86.2%

Question #4 – CATEGORIES OF MFDA COMMUNICATIONS – LEVEL OF IMPORTANCE

Topic
Important or Somewhat
Important or Somewhat
Important
Important
2011
2006
MFDA Bulletins
98.2%
97.4%
MFDA Notices
98.2%
99.3%
Other General Information
87.1%
77.8%
MFDA Hearings Information
85.5%
73.4%

Question #5 – MFDA BULLETINS – LEVEL OF SATISFACTION

Topic
Satisfied or Somewhat
Satisfied or Somewhat
Satisfied
Satisfied
2011
2006
Manner of Dissemination (email/web)
98.2%
88.3%
Usefulness of Information
96.4%
93.5%
Clarity of Content
94.5%
90.9%
Frequency of Dissemination
91.5%
87.6%
Format
90.0%
95.5%

Question #6 – MFDA NOTICES – LEVEL OF SATISFACTION

Topic
Satisfied or Somewhat
Satisfied or Somewhat
Satisfied
Satisfied
2011
2006
Manner of Dissemination (email/web)
96.3%
88.9%
Usefulness of Information
94.3%
96.0%
Frequency of Dissemination
92.8%
87.6%
Clarity of Content
90.8%
90.0%
Format
90.7%
95.4%

MFDA 2011 Member Survey – Summary of Member Feedback

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Question #7 – MFDA HEARINGS INFORMATION – LEVEL OF SATISFACTION

Topic
Satisfied or Somewhat
Satisfied or Somewhat
Satisfied
Satisfied
2011
2006
Clarity of Content
81.8%
64.3%
Format
81.8%
69.5%
Usefulness of Information
80.0%
60.2%
Manner of Dissemination (email/web)
79.5%
52.0%
Frequency of Dissemination
76.0%
63.6%

Question #8 – MFDA GENERAL INFORMATION – LEVEL OF SATISFACTION

Topic
Satisfied or Somewhat
Satisfied or Somewhat
Satisfied
Satisfied
2011
2006
Clarity of Content
89.1%
81.1%
Manner of Dissemination (email/web)
88.9%
78.5%
Format
87.3%
82.4%
Frequency of Dissemination
87.3%
78.4%
Usefulness of Information
87.2%
80.9%

Question #9 – FREQUENCY OF REFERRING TO MFDA COMMUNICATIONS

Topic
Frequently
Frequently
Daily/Weekly
Daily/Weekly
2011
2006
MFDA Bulletins
83.7%
62.1%
MFDA Notices
83.6%
61.4%
Other General Information
54.5%
28.9%
MFDA Hearings Information
40.0%
21.7%

Question #12 – MFDA WEBSITE – LEVEL OF SATISFACTION

Topic
Satisfied or Somewhat
Satisfied or Somewhat
Satisfied
Satisfied
2011
2006
Content
98.1%
94.2%
Layout/format
96.3%
93.5%
Ease of Navigation
92.4%
87.0%

Question #14 – ARE YOU GENERALLY ABLE TO FIND WHAT YOU ARE LOOKING
FOR ON THE MFDA WEBSITE?

and

Question #15 – HAVE YOU HAD TECHNICAL DIFFICULTIES IN ACCESSING MFDA
WEBSITE?

Question
YES
YES
2011
2006
Are you generally able to find what you are looking
98.1%
92.2%
for on the MFDA website?
Have you had technical difficulties in accessing the
7.5%
2.6%
MFDA website?

MFDA 2011 Member Survey – Summary of Member Feedback

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Question #17 – MFDA ANNUAL REPORT – LEVEL OF SATISFACTION
Note: High degree of Don’t Know/No Opinion both in 2011 and 2006

Topic
Satisfied or Somewhat
Satisfied or Somewhat
Satisfied
Satisfied
2011
2006
Content
73.1%
55.9%
Layout/Format
71.2%
56.5%
Ease of Navigation
71.1%
54.6%

Question #19 – HOW IMPORTANT ARE MEMBER REGULATION FORUMS?

Topic
Important or Somewhat
Important or Somewhat
Important
Important
2011
2006
Member Regulation Forums
90.5%
85.7%

Question #20 – HAVE YOU ATTENDED A MEMBER REGULATION FORUM?

Topic
YES
YES
2011
2006
Have you attended a Member Regulation Forum?
84.9%
73.2%

Question #21 – IF YOU HAVE ATTENDED A MEMBER REGULATION FORUM, WHAT
IS YOUR LEVEL OF SATISFACTION?

Topic
Satisfied or Somewhat
Satisfied or Somewhat
Satisfied
Satisfied
2011
2006
Frequency of meetings (currently bi-annual)
94.6%
85.7%
Format of meetings
91.5%
85.7%
Usefulness of information presented
89.4%
88.9%
Location of meetings
76.6%
83.4%

Question #22 – IF YOU HAVE NOT ATTENDED A MEMBER REGULATION FORUM –WHY?

Topic
Response rate
Response rate
2011
2006
Location inconvenient
66.7%
52.1%
Too busy
26.7%
37.5%
Other
20.0%
27.1%
Topics not interesting
13.3%
4.2%
Notice of meeting not received
0.0%
10.0%

Question #26 – HAVE YOU ATTENDED AN MFDA ANNUAL GENERAL MEETING OF
MEMBERS?

Topic
YES
YES
2011
2006
Have you attended an Annual General Meeting of Members?
54.7%
25.0%

MFDA 2011 Member Survey – Summary of Member Feedback

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Question #27 – IF YOU HAVE NOT ATTENDED AN MFDA ANNUAL GENERAL MEETING –
WHY?

Topic
Response rate
Response rate
2011
2006
Location inconvenient
67.9%
43.1%
Too busy
21.4%
23.9%
Other
21.4%
30.3%
Notice of meeting not received
0.0%
15.6%

Question #28 – ANNUAL GENERAL MEETING – LEVEL OF SATISFACTION

Topic
Satisfied or Somewhat
Satisfied or Somewhat
Satisfied
Satisfied
2011
2006
Clarity of Content
87.9%
59.4%
Format
87.9%
57.9%
Usefulness of Information
87.9%
59.4%
Accessibility to participate
81.8%
53.1%

Question #30 – MFDA COMPLIANCE EXAMINATIONS – LEVEL OF SATISFACTION

Topic
Satisfied or Somewhat
Satisfied or Somewhat
Satisfied
Satisfied
2011
2006
Clarity of MFDA staff information requests
90.5%
86.9%
MFDA compliance staff support respecting Member
90.5%
81.7%
questions
Professionalism of MFDA staff
90.3%
86.3%

Question #31 – HAVE YOU EVER BEEN INVOLVED IN AN MFDA ENFORCEMENT
MATTER WHICH REQUIRED INTERACTION WITH ENFORCEMENT STAFF?

53 responses

Topic
YES
NO
2011
2006
Involved in MFDA Enforcement matter
58.5%
41.5%

Question #32 – MFDA ENFORCEMENT STAFF – LEVEL OF SATISFACTION

31 responses

Topic
Satisfied or
Somewhat Dissatisfied
Somewhat Satisfied
or Dissatisfied
2011
2006
Professionalism of MFDA staff
96.8%
3.2%
MFDA case assessment staff support respecting Member
93.3%
6.7%
questions
Clarity of MFDA staff information requests
90.3%
9.7%

MFDA 2011 Member Survey – Summary of Member Feedback

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