Canadian Securities Administrators

Canadian Securities Administrators

November 18, 2016 11:00 ET

Canadian securities regulators release MFDA Oversight Review Report

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 18, 2016) - The Canadian Securities Administrators (CSA) today released the Oversight Review Report of the Mutual Fund Dealers Association of Canada (MFDA).

The review covers July 1, 2012 to July 31, 2015 and was conducted by seven of the provincial regulators that recognize the MFDA: the Alberta Securities Commission, the British Columbia Securities Commission, the Financial and Consumer Affairs Authority of Saskatchewan, the Financial and Consumer Services Commission of New Brunswick, the Manitoba Securities Commission, the Nova Scotia Securities Commission, and the Ontario Securities Commission (the Recognizing Regulators). The Prince Edward Island Office of the Superintendent of Securities also recognizes the MFDA but did not participate in the review.

The Recognizing Regulators used a risk-based approach to evaluate whether certain regulatory processes were effective, efficient, consistent and fairly applied. Processes and activities in functions that were assessed as high and above average risk were chosen for review, including enforcement, financial compliance, policy and sales compliance.

In the report, the Recognizing Regulators identified two high priority findings in the enforcement department, specifically cases involving signature falsification and cases against dealer members. There was one high priority finding in the financial compliance department relating to member responses to examination files. The Recognizing Regulators also identified five medium priority findings: two in enforcement, two in financial compliance and one in policy.

Other than the findings noted, the Recognizing Regulators did not identify concerns with the MFDA meeting the relevant terms and conditions of the recognition orders in the areas reviewed. The Recognizing Regulators will continue to monitor the MFDA's progress in resolving these findings as part of their ongoing oversight activities.

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

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
    604-899-6713

    Nicole Tuncay
    Alberta Securities Commission
    403-297-4008

    Andrew Nicholson
    Financial and Consumer Services
    Commission, New Brunswick
    506-658-3021

    Janice Callbeck
    Office of the Superintendent of Securities
    Prince Edward Island
    902-368-6288

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

    Tom Hall
    Office of the Superintendent of Securities
    Northwest Territories
    867-767-9305

    Kristen Rose
    Ontario Securities Commission
    416-593-2336

    Jason (Jay) Booth
    Manitoba Securities Commission
    204-945-1660

    Jane Anderson
    Nova Scotia Securities Commission
    902-424-0179

    John O'Brien
    Office of the Superintendent of Securities
    Newfoundland and Labrador
    709-729-4909

    Jeff Mason
    Nunavut Securities Office
    867-975-6591

    Shannon McMillan
    Financial and Consumer Affairs
    Authority of Saskatchewan
    306-798-4160