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Bulletin #0508-P

For further information, please contact:

Paige Ward
General Counsel, Corporate Secretary and Vice President, Policy
Policy
For Distribution to Relevant Parties within your Firm

MFDA Rule 5.3.5 (Performance Reporting): Suspension of June 2012 Implementation

On October 20, 2011, the MFDA issued Bulletin #0495-P MFDA Rule 5.3.5 (Performance Reporting): Proposed Suspension of June 2012 Implementation. The bulletin advised of concerns expressed by MFDA staff and the industry regarding potential inconsistencies between proposed amendments to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations (“NI 31-103”) and the requirements of MFDA Rule 5.3.5, as well as concerns regarding the need for Members to potentially undertake two sets of costly systems and statement changes to meet requirements under MFDA Rule 5.3.5 by June 3, 2012 and requirements under NI 31-103, once implemented.

In response to these concerns and at the request and recommendation of the Canadian Securities Administrators, the Board of Directors has decided to suspend the implementation of MFDA Rule 5.3.5 on performance reporting pending harmonization with performance reporting standards under NI 31-103 that are ultimately adopted.

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