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Bulletin #0535-P

Policy Instrument Review Project

Contact: Paige
BULLETIN # 0535– P
General Counsel & Vice-President, Policy
July 5, 2012
Phone: 416-945-5838

MFDA Bulletin


For Distribution to Relevant Parties within your Firm

Policy Instrument Review Project

The MFDA regulates the conduct of Members through different policy instruments, including
Rules, which set out detailed requirements and Policies, which establish minimum industry
standards that expand on requirements that Members are required to comply with under the

In addition, the MFDA issues other communications that do not prescribe requirements. These
• Member Regulation Notices, which are intended to assist Members and their Approved
Persons in the interpretation of and compliance with MFDA By-laws and Rules. Notices
set out MFDA staff’s interpretation of ways to comply with requirements under MFDA
By-laws and Rules;
• MFDA Guides, which are developed in response to Member requests for assistance,
include comprehensive guidance and tools on specific topics, and set out staff’s
suggestions and recommended best practices respecting compliance and supervisory
obligations under MFDA Rules; and
• Member Regulation Bulletins, which provide information on general matters of interest
to Members.

Review and Objectives

MFDA staff is currently undertaking a review of its Notices and Guides. The purpose of this
review is to:
• Clarify the regulatory intent of MFDA Member Regulation Notices and Guides to ensure
that the distinction between requirements and suggestions/guidance is clear;

• Update references/content in MFDA Member Regulation Notices and Guides to reflect
regulatory developments and ensure consistency with requirements under current MFDA
Rules and securities legislation; and
• Eliminate Member Regulation Notices that are no longer relevant as they address issues
that were transitory in nature.

Member Communication and Next Steps

During the April 2012 Member Regulation Forums, staff made presentations to Members setting
out the regulatory effect of various MFDA Policy Instruments/other communications and also
communicated the changes being undertaken by the MFDA, as noted above.

The amendments under consideration are housekeeping in nature (i.e. non-substantive). Once
staff has completed its review, a communication will be issued to provide an update and briefly
summarize the nature of the changes.

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