Canadian Securities Administrators

Canadian Securities Administrators

September 15, 2017 11:00 ET

Canadian securities regulators publish MFDA oversight review report

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 15, 2017) - The Canadian Securities Administrators (CSA) today released the Oversight Review Report of the Mutual Fund Dealers Association of Canada (MFDA), which evaluates whether specific regulatory processes are operating effectively, and outlines findings that require corrective action.

The coordinated review covers the period from August 1, 2015 to January 31, 2017, and was jointly conducted by six of the provincial securities regulators that recognize the MFDA: the Alberta Securities Commission, the British Columbia Securities Commission, the Financial and Consumer Affairs Authority of Saskatchewan, the Manitoba Securities Commission, the Nova Scotia Securities Commission, and the Ontario Securities Commission (the Recognizing Regulators). The MFDA is also recognized by the Financial and Consumer Services Commission of New Brunswick and the Prince Edward Island Office of the Superintendent of Securities.

Based on the annual assessment of the MFDA's functional areas and key processes, the Recognizing Regulators selected above-average risk areas as the focus for the review, including Enforcement, Financial Compliance, and Policy. The Recognizing Regulators considered the previous oversight review and whether findings identified in that review had been resolved, as well as current issues and market conditions that could affect the MFDA.

In summary, CSA staff acknowledge that the MFDA made sufficient progress in resolving specific issues raised in previous oversight review reports. In the current review, CSA staff identified one medium priority finding in the Financial Compliance department and one low priority finding in the Enforcement department. There were no findings in the Policy department.

Other than the findings noted, CSA staff did not identify concerns with the MFDA meeting the relevant terms and conditions of its recognition orders. CSA staff will monitor the MFDA's progress in taking timely and specific corrective action to resolve the findings.

The CSA, the council of the securities regulators of Canada's provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.

Contact Information

  • Alison Walker
    British Columbia Securities Commission

    Kristen Rose
    Ontario Securities Commission

    Hilary McMeekin
    Alberta Securities Commission

    Sylvain Théberge
    Autorité des marchés financiers

    Jason (Jay) Booth
    Manitoba Securities Commission

    Andrew Nicholson
    Financial and Consumer Services Commission, New Brunswick

    David Harrison
    Nova Scotia Securities Commission

    Steve Dowling
    Government of Prince Edward Island,
    Superintendent of Securities

    John O'Brien
    Office of the Superintendent of Securities
    Newfoundland and Labrador

    Rhonda Horte
    Office of the Yukon Superintendent of Securities

    Jeff Mason
    Nunavut Securities Office

    Tom Hall
    Office of the Superintendent of Securities
    Northwest Territories

    Shannon McMillan
    Financial and Consumer Affairs
    Authority of Saskatchewan