News Release

IFIC Makes Submissions to the MFDA to Support Regulatory Harmonization

June 26, 2019 (Toronto) – The Investment Funds Institute of Canada (IFIC) has filed a series of submissions in response to the Mutual Fund Dealers Association of Canada’s (MFDA) proposed amendments to By-law No.1, which are aimed at creating regulatory consistency.

“IFIC continues to support measures that reduce regulatory burden through regulatory consistency,” said Paul Bourque, President and CEO, IFIC. “We are pleased to see that the MFDA is taking steps to harmonize similar regulations with IIROC and OBSI for all stakeholders.”

IFIC’s submissions pertain to the MFDA’s proposed amendments to By-law No. 1 – sections 3.3 (Election and Term), 3.6.1 (Governance Committee, 4.7 (Quorum); sections 1 (Definitions) and 22 (Examinations and Investigatory Powers); and subsection 24.A (Ombudservice).

IFIC supports the following MFDA initiatives:

• To amend its corporate governance structure to ensure it conforms with industry best practices, is consistent with the equivalent Investment Industry Regulatory Organization of Canada (IIROC) rules, and to address concerns related to the limited pool of candidates for the Board of Directors;
• To add a definition of records that is consistent with current practices, is inclusive of a broad range of records and is technology neutral;
• To clarify section 22 in line with current practices and to harmonize with IIROC rules; and
• To align subsection 24.A with the updated Ombudsman for Banking Services and Investment (OBSI) Terms of Reference to ensure the MFDA provisions do not necessarily limit or conflict with the Terms of Reference.

To view IFIC’s submissions, please visit IFIC.ca.

• MFDA Bulletin #0778 – Proposed Amendments to MFDA By-law No.1 – Sections 3.3 (Election and Term), 3.6.1 (Governance Committee), 4.7 (Quorum)
• MFDA Bulletin #0780 – Proposed Amendments to MFDA By-law No.1 – Sections 1 (Definitions) and 22 (Examinations and Investigatory Powers)
• MFDA Bulletin #0781 – Proposed Amendments to MFDA By-law No.1 – Subsection 24.A (Ombudservice)

About IFIC

The Investment Funds Institute of Canada is the voice of Canada’s investment funds industry. IFIC brings together 150 organizations, including fund managers, distributors and industry service organizations, to foster a strong, stable investment sector where investors can realize their financial goals. By connecting Canada’s savers to Canada’s economy, our industry contributes significantly to Canadian economic growth and job creation.

For more information please contact:

Carolyn Quick
Vice President, Communications and Public Affairs
cquick@ific.ca
416-309-2306