Regulator releases audit results

2006/14
March 24, 2006

Vancouver  -- The British Columbia Securities Commission has released audit results of the Pacific regional operations of the self-regulatory organization responsible for those who sell mutual funds in Canada.

The BCSC conducted its initial review of the Mutual Fund Dealers Association (MFDA) Pacific regional office in July 2005. The audit examined the regional regulator’s overall performance and focused attention on its enforcement, compliance examinations and membership functions.

The completed audit and related documents are available on the BCSC website (www.bcsc.bc.ca).

The BCSC has recognized the MFDA as a self-regulatory organization with the responsibility to regulate the distribution side of the Canadian mutual fund industry. The MFDA does so by establishing, monitoring, and enforcing rules and practices to ensure high standards of conduct by its members, and to enhance investor protection and strengthen public confidence in the industry. The BCSC conducts regular audits of SROs such as the MFDA as part of its oversight function.

The B.C. Securities Commission is the independent provincial government agency responsible for regulating trading in securities within the province.

MFDA Oversight Review Report PDF
MFDA's ResponsePDF
BCSC Letter to MFDA PDF