Notice of BCSC Non-Objection to MFDA’s Proposed Amendments to Section 11 of By-law No. 1 – Member Approval Process
On August 14, 2008, the BCSC did not object to the MFDA's proposed amendments to Section 11 of By-law No. 1 -Approval Process. The Alberta Securities Commission, Saskatchewan Financial Services Commission, Manitoba Securities Commission, Ontario Securities Commission, New Brunswick Securities Commission and Nova Scotia Securities Commission have approved the amendments.
The amendments streamline and clarify the MFDA's member approval process, in part by removing an applicant's right to a hearing during its Board of Director's initial decision-making process. The rule retains the applicant's right to a review by the Board of Directors of the initial decision and to a hearing at the review stage. The applicant also has a right of appeal to the relevant securities commission.
The BCSC published the amendments for comment on its website on September 21, 2007. The MFDA did not receive any comments from the public on the proposal. A blacklined copy of Section 11 showing the amendments is attached.
September 26, 2008