Canadian Securities Administrators

Canadian Securities Administrators

April 17, 2013 11:00 ET

Canadian Securities Regulators Release MFDA Oversight Review Report

VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 17, 2013) - The Canadian Securities Administrators (CSA) today released the Oversight Review Report on the performance of the Mutual Fund Dealers Association of Canada (MFDA).

This coordinated review was undertaken by the seven 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 New Brunswick Securities Commission, the Nova Scotia Securities Commission, and the Ontario Securities Commission (the Recognizing Regulators).

Overall, the Recognizing Regulators are satisfied that the MFDA met the terms and conditions of the recognition orders in the areas covered during the review period.

The review involved a new, risk-based methodology that assessed the inherent risks of each functional area of the MFDA. The objectives of the review were to:

  • assess whether the MFDA was in compliance with the terms and conditions of its recognition orders;
  • determine whether the MFDA's regulatory processes were efficient, effective, consistent and fair; and
  • evaluate whether the MFDA had adequate staffing, resources and training to effectively and efficiently perform its regulatory functions.

The Oversight Review Report details the objectives, methodology, report format, scope and findings of the oversight review for the review period from January 1, 2009 to June 30, 2012. The report also includes the MFDA's responses to the report's recommendations and the Recognizing Regulators' evaluation of, and intended follow-up to, those responses.

To view the report, visit the Recognizing Regulators' websites.

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

Contact Information

  • Alberta Securities Commission
    Mark Dickey
    403-297-4481

    Ontario Securities Commission
    Carolyn Shaw Rimmington
    416-593-2361

    Autorite des marches financiers
    Sylvain Theberge
    514-940-2176

    British Columbia Securities Commission
    Richard Gilhooley
    604-899-6713

    Manitoba Securities Commission
    Ainsley Cunningham
    204-945-4733

    New Brunswick Securities Commission
    Wendy Connors Beckett
    506-645-7745

    Nova Scotia Securities Commission
    Tanya Wiltshire
    902-424-8586

    Financial and Consumer Affairs
    Authority of Saskatchewan
    Daniela Machuca
    306-798-4160

    The Office of the Superintendent of Securities, P.E.I.
    Janice Callbeck
    902-368-6288

    Financial Services Regulation Division of
    Newfoundland and Labrador
    709-729-2594

    Office of the Yukon Superintendent of Securities
    Rhonda Horte
    867-667-5466

    Nunavut Securities Officer
    Louis Arki
    867-975-6587

    Northwest Territories Securities Office
    Donn MacDougall
    867-920-8984