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Bulletin #0887-M

For further information, please contact:

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

Annual General and Special Meeting of Members

The MFDA held its 2021 Annual General and Special Meeting of Members (“AGM”) on December 2, 2021. The following is a summary of the business transacted at the meeting.

1.    Election of Public and Industry Directors

At the AGM, Barbara Shourounis and  Janet Woodruff were approved as Public Directors of the Corporation, each to hold office for a two-year term and a three-year term, respectively, or until their successors have been appointed. Sonny Goldstein and André Langlois were approved as Industry Directors of the Corporation, each to hold office for a two-year term or until their successors have been appointed.

Effective December 2, 2021, the following individuals are members of the MFDA Board of Directors:

Public Directors

Steven Glover, MBA, FCPA, FCA
Corporate Director
(Canmore, Alberta)

Janet Woodruff
Corporate Director
(Vancourver, British Columbia)

Hugh McNabney, CPA (Retired)
Corporate Director
(Orillia, Ontario)

Barbara Shourounis, LL.B.
Former Director
Saskatchewan Financial Services Commission
(Regina, Saskatchewan)

Christopher Nicholls, BA, LL.B., LL.M., MPA
Professor of Business Law
Western University
(London, Ontario)

Vince Valenti, MBA
Valenti Holdings Inc.
(Manotick, Ontario)

Industry Directors

Rick Annaert, CPA, CMA
President & Chief Executive Officer
Manulife Securities Investment Services Inc.
(Toronto, Ontario)

Sonny Goldstein, CFP
Goldstein Financial Investments Inc.
(Toronto, Ontario)

Patricia Callon, LL.B., BA (Hons)
Senior Vice-President & General Counsel
Sun Life Financial Canada
(Toronto, Ontario)

Mark Kinzel, BA
IG Wealth Management
(Winnipeg, Manitoba)

Katherine Dudtschak, MBA
Chair & Chief Executive Officer
Royal Mutual Funds Inc.
(Toronto, Ontario)

André Langlois, FSA, FCIA
Desjardins Financial Security Investments Inc.
(Montreal, Quebec)

President & CEO

Mark T. Gordon, LL.B.
Mutual Fund Dealers Association of Canada
(Toronto, Ontario)


Christopher Nicholls, Public Director, was re-appointed Chair and Patricia Callon, Industry Director, was re-appointed Vice-Chair of the Board of Directors.

2.    Appointment of Auditors

Members also approved the appointment of Ernst & Young LLP as auditors for the Corporation.

3.    Confirmation of Amendments to MFDA Rules

Client Focused Reforms

Members approved proposed CFR conforming amendments to the following MFDA Rules, all of which have been approved / not objected to by the Recognizing Regulators: 1.2.3 (Education, Training and Experience); 1.2.4 (Training and Supervision); 1.2.5 (Misleading Communications); 2.1.4 (Conflicts of Interest); 2.1.5 (Borrowing from Clients); 2.2.1 (Know-Your-Client); 2.2.4 (Updating Client Information); 2.2.5 (Know-Your-Product); 2.2.6 (Suitability Determination); 2.2.7 (Relationship Disclosure); 2.4.2 (Referral Arrangements); 2.4.4 (Transaction Fees or Charges); 3.2.1 (Client Lending and Margin); and 5.1 (Requirement for Records).

Enhanced conflicts of interest requirements under revised Rule 2.1.4 came into effect on June 30, 2021. CFR conforming changes to all other Rules noted above, come into effect on December 31, 2021. For additional details, please see the following Bulletins: #0795-P; #0819‑P; #0843-P; #0863-P; #0864-P; and #0876-P.

Trusted Contact Person (TCP)/Temporary Holds

Members approved proposed TCP/Temporary Hold conforming amendments to MFDA Rules 2.2 (Client Accounts), and 5.1 (Requirement for Records), which have been approved/not objected to by the Recognizing Regulators. These changes come into effect on December 31, 2021. For addition details, please see Bulletins #0866-P, and #0884-P.

Limited Trading Authorization

Members approved proposed amendments to MFDA Rules 2.3.2 (Limited Trading Authorization), Rule 2.3.3. (Designation) and Rule 5.1 (Requirement for Records),, which are awaiting approval/non-objection by the Recognizing Regulators. For additional details, please see Bulletin #0847-P.


The MFDA will hold its 2022 Annual General Meeting of Members on December 1, 2022 at 11:00 a.m. (Eastern) at Vantage Venues, 150 King Street West, 27th Floor, Toronto, Ontario.