Notice of Commission Approval – Amendments to MFDA Policy 3 – Complaint Handling, Supervisory Investigations and Internal Discipline – Mutual Fund Dealers Association of Canada (MFDA)

Market Regulation Document Type
MFDA rule review

 
The Ontario Securities Commission has approved amendments to MFDA Policy 3 regarding complaint handling, supervisory investigations and internal discipline. In addition, the Alberta Securities Commission, the Manitoba Securities Commission, New Brunswick Securities Commission, Nova Scotia Securities Commission, and Saskatchewan Financial Services Commission approved, and the British Columbia Securities Commission did not object to the MFDA’s proposal. The amendments provide minimum standards for members’ obligations in handling client complaints and in subsequent supervisory investigations in order to ensure fair and prompt handling of such complaints. The proposal also harmonizes the MFDA’s complaint handling requirements with those of the Investment Industry Regulatory Organization of Canada and the CSA.

The MFDA’s proposal was published for comment on March 13, 2009 at (2009) 32 OSCB 2423. The MFDA summarized the comments it received on the proposal and provided responses. A summary of the comments and MFDA responses, a blacklined copy of the amendments showing the changes to the version published in March 2009 and a clean version were published at (2009) 32 OSCB 10738.