Notice of BCSC Non-Objection to Proposed Amendments to MFDA Rules and Policy No.6 Resulting from National Instrument 31-103 Registration Requirements and Exemptions
On October 22, 2010, the BCSC and the MFDA’s other recognizing regulators 1 did not object to, not disapprove or approve 2 , as the case may be, the MFDA’s proposed amendments to MFDA Rule 1.2 (Individual Qualifications), Rule 2.5 (Minimum Standards of Supervision), Rule 5.6 (Record Retention) and Policy No. 6 Information Reporting Requirements.
The amendments are conforming and consequential in nature and are intended to ensure that the requirements under the MFDA Rules and Policies are consistent with those under National Instrument 31-103 Registration Requirements and Exemptions (NI 31-103).
The proposed amendments to Rules 1.2.1, 2.4.2 and 5.3.2 respecting proficiency, referral arrangements and content of account statement requirements have been put on hold pending the coming into force of proposed revisions to similar requirements under NI 31-103.
The BCSC published the amendments for comment on its website on December 23, 2009 for a 90-day comment period. The MFDA received six comment letters on the proposed amendments. The MFDA summarized the comments it received and provided responses. We attach a copy of the summary and MFDA responses, as well as a blacklined copy of Rules 1.2, 2.5, 5.6 and Policy No. 6 showing the changes to the version published in December 2009.
October 29, 2010
Ref: Proposed Consequential Amendments to MFDA Rules and Policy No. 6
This Notice may refer to other documents. You can find these documents at the B.C. Securities Commission public website atwww.bcsc.bc.ca in the section Securities Law & Policy: Policies & Instruments.
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.