Notice of BCSC Non-Objection to MFDA's proposed amendments to Rule 1.2.1(d)(vii) - Dual Occupations - Financial Planning

View PDF of MFDA Salespersons Rule 1.2.1 Blackline PDF
View PDF of Summary of Public Comments Respecting Proposed Amendments to MFDA Rule 1.2.1(d) PDF

On March 17, 2009, the BCSC did not object to the MFDA’s proposed amendments to Rule 1.2.1(d)(vii)(A) – Dual Occupations –Financial Planning. 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 clarify the requirements an approved person must comply with to conduct financial planning outside an MFDA member. In particular, the amendments clarify that the approved person need not conduct the financial planning through a corporate entity and that a governmental authority or statutory agency must regulate the approved person. The amendments remove the reference to widely recognized professional associations.

The BCSC published the amendments for comment on its website on June 27, 2008. The MFDA received two comments on the proposal.

We attach a blacklined copy of Rule 1.2.1(d)(vii) showing the amendments and the MFDA’s summary and response to comments.

April 24, 2009

Ref: Request for Comment: Proposed amendments to MFDA Rule 1.2.1 (D) (Salespersons - Dual Occupations)