Notice of BCSC Non-Objection to Rescission of Proposed Housekeeping Amendment to MFDA Rule 1.1.7 – Business Names, Styles, etc.
On November 15, 2009, the BCSC and the MFDA’s other recognizing regulators1 did not object to, not disapprove or approve 2, as the case may be, the rescission of the MFDA’s proposed housekeeping amendment to Rule 1.1.7- Business Names, Styles, etc.
The BCSC initially published a notice of non-objection of MFDA’s proposed amendment to Rule 1.1.7 on September 26, 2008.
The proposed amendment sought to clarify that the existing requirement in Rule 1.1.7(d) (to notify the MFDA prior to the use of any business, style or trade names other than the member’s legal name) also applied to approved persons using any such names:
(a) in connection with the member’s business; and
(b) for businesses carried on outside of the member.
The MFDA then withdrew the proposal and issued Bulletin #0388-P to explain its reasons.
The MFDA intends to advance the proposed amendment to Rule 1.1.7(d) together with related public interest amendments to MFDA Rule 1.2.1(d) (dual occupations). MFDA members and approved persons should know that when the MFDA submits its combined amendments to the two rules, the CSA’s recognizing regulators will reconsider the Rule 1.1.7 amendments again in the context of the whole package of proposed amendments.
April 30, 2010
1 The Alberta Securities Commission, Saskatchewan Financial Services Commission, Manitoba Securities Commission, Ontario Securities Commission, New Brunswick Securities Commission and Nova Scotia Securities Commission.
2 Non-objection, non-disapproval and approval are the different ways in which the recognizing regulators express their decisions after reviewing proposed MFDA rules.
This Notice may refer to other documents. You can find these documents at the B.C. Securities Commission public website at www.bcsc.bc.ca in the section Securities Law & Policy: Policies & Instruments.