Canadian securities regulators publish MFDA oversight review report

VANCOUVER, Sept. 15, 2017 /CNW Telbec/ - 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.

 

For more information:                                                               




Alison Walker

Kristen Rose

British Columbia Securities Commission 

Ontario Securities Commission

604-899-6713 

416-593-2336



Hilary McMeekin 

Sylvain Théberge

Alberta Securities Commission 

Autorité des marchés financiers

403-592-8186 

514-940-2176 



Jason (Jay) Booth 

Andrew Nicholson

Manitoba Securities Commission 

Financial and Consumer Services

204-945-1660 

Commission, New Brunswick


506-658-3021



David Harrison 

Steve Dowling           

Nova Scotia Securities Commission 

Government of Prince Edward Island,

902-424-8586 

Superintendent of Securities  


902-368-6288 



John O'Brien 

Rhonda Horte

Office of the Superintendent of Securities 

Office of the Yukon Superintendent of

Newfoundland and Labrador 

Securities        

709-729-4909 

867-667-5466



Jeff Mason 

Tom Hall

Nunavut Securities Office 

Office of the Superintendent of Securities

867-975-6591 

Northwest Territories


867-767-9305



Shannon McMillan


Financial and Consumer Affairs


Authority of Saskatchewan   


306-798-4160


 

SOURCE Autorité des marchés financiers

For further information: Alison Walker, British Columbia Securities Commission, 604-899-6713; Kristen Rose, Ontario Securities Commission, 416-593-2336; Hilary McMeekin, Alberta Securities Commission, 403-592-8186; Sylvain Théberge, Autorité des marchés financiers, 514-940-2176; Jason (Jay) Booth, Manitoba Securities Commission, 204-945-1660; Andrew Nicholson, Financial and Consumer Services Commission, New Brunswick, 506-658-3021; David Harrison, Nova Scotia Securities Commission, 902-424-8586; Steve Dowling, Government of Prince Edward Island, Superintendent of Securities, 902-368-6288; John O'Brien, Office of the Superintendent of Securities, Newfoundland and Labrador, 709-729-4909; Rhonda Horte, Office of the Yukon Superintendent of Securities, 867-667-5466; Jeff Mason, Nunavut Securities Office, 867-975-6591; Tom Hall, Office of the Superintendent of Securities, Northwest Territories, 867-767-9305; Shannon McMillan, Financial and Consumer Affairs, Authority of Saskatchewan, 306-798-4160

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