Industry

REQUEST FOR COMMENT

MUTUAL FUND DEALERS ASSOCIATION OF CANADA (MFDA)

PROPOSED AMENDMENTS TO MFDA RULE 1.1.1(a)
(BUSINESS STRUCTURES – MEMBERS)

 

The MFDA is publishing for public comment proposed amendments (Proposed Amendments) to MFDA Rule 1.1.1(a). This rule currently requires all business related to securities, engaged in by a Member or Approved Person in respect of a Member, to be carried on for the account of the Member through the facilities of the Member, with some exceptions permitted.

The primary objective of the Proposed Amendments is the expansion of the exceptions to permit Approved Persons to engage in securities-related business as an employee of a credit union, as permitted by applicable securities legislation, for the account of, and through, the facilities of the credit union, rather than the Member. The Proposed Amendments are similar to an exception currently available under MFDA Rule 1.1.1(a) to Approved Persons dually employed by banks.

A copy of the MFDA Notice, including the text of the Proposed Amendments, is published on our website at www.osc.gov.on.ca. The comment period ends on January 22, 2020.