CSA

Vancouver – 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.

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For more information:

CSA member name

Point of contact

Phone number

Autorité des marchés financiers 

Sylvain Théberge

514-940-2176

Alberta Securities Commission

Hilary McMeekin

403-592-8186

British Columbia Securities Commission

Alison Walker 

604-899-6713

Financial and Consumer Affairs Authority of Saskatchewan

Shannon McMillan

306-798-4160

Financial and Consumer Services Commission, New Brunswick

Andrew Nicholson

506-658-3021

Government of Prince Edward Island, Superintendent of Securities

Steve Dowling

902-368-6288

Manitoba Securities Commission

Jason (Jay) Booth

204-945-1660

Nova Scotia Securities Commission

David C. Harrison

902-424-8586

Nunavut Securities Office

Jeff Mason

867-975-6591

Office of the Superintendent of Securities Newfoundland and Labrador

John O'Brien

709-729-4909

Office of the Superintendent of Securities, Northwest Territories

Tom Hall

867-767-9305

Office of the Yukon Superintendent of Securities

Rhonda Horte

867-667-5466

Ontario Securities Commission

Kristen Rose

416-593-2336

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