Under proposed MFDA Rule 5.3.2(e), each account statement must include disclosure, as prescribed by the Rule, respecting MFDA Investor Protection Corporation (“IPC”) coverage. The Board of the MFDA IPC has approved the following wording for the purpose of satisfying disclosure requirements under the proposed Rule:
“Customers’ accounts are protected by the MFDA Investor Protection Corporation (“IPC”) within specific limits. Customers with accounts in Quebec are generally not covered by the IPC. Please refer to the IPC Coverage Policy on the website at www.mfda.ca/ipc for a description of the nature and limits of coverage, or contact the IPC at 1-888-466-6332.”
The above-noted disclosure will be required to be included on Member account statements as of July 15, 2015 when Rule 5.3.2(e) becomes effective.