British Columbia Securities Commission

British Columbia Securities Commission

November 25, 2009 16:15 ET

BCSC Panel Releases Reasons for Its Decision to Review MFDA Governance Bylaw

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 25, 2009) - A British Columbia Securities Commission panel has released its reasons for deciding to hear an application submitted by Partners in Planning Financial Services Ltd. challenging an amendment to a Mutual Fund Dealers Association of Canada governance bylaw.

In its decision, the panel said the application raises sufficient public interest concerns to justify a hearing into the matter.

"The system of securities regulation we have in Canada depends on the roles played by regulatory organizations like the MFDA," the panel said. "It is essential that those organizations operate, and are seen to operate, in a manner that leaves no room to question the integrity of their governance, procedures and practices. It is equally essential that any allegations that could raise those questions be dealt with thoroughly and openly."

The commission is working with the parties on procedures to prepare for the hearing. When hearing dates are set, they will be published on the BCSC website.

The B.C. Securities Commission is the independent provincial government agency responsible for regulating trading in securities within the province. You may view the reasons for the ruling on our website by typing in the search box, Partners in Planning Financial Services Ltd., Mutual Fund Dealers Association of Canada, or 2009 BCSECCOM 665. If you have questions, contact Ken Gracey, media relations, 604-899-6577.

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Contact Information

  • British Columbia Securities Commission
    Ken Gracey
    Media Relations
    604-899-6577 or (Canada) 1-800-373-6393