Second Publication for comment of proposed amendment to Section 1 (Definitions) and 3 (Directors) of MFDA By-law No. 1

View PDF of Second Publication for comment of proposed amendment to Section 1 (Definitions) and 3 (Directors) of MFDA By-law No. 1PDF

Date published: August 28, 2009
Comment period expires: September 21, 2009

The Commission is re-publishing proposed amendments to MFDA By-law No. 1 related to Directors to reflect changes to the transitional requirements for the MFDA's Director selection process in 2009 as determined by the MFDA's Governance Committee on August 26, 2009. We originally published the proposed amendments for comment on August 21, 2009.

The changes update the transition provisions in Section 3.3.3 of the By-law. Specifically, the changes clarify the remaining terms of office for incumbent MFDA Directors according to the recommendations made by the MFDA's Task Force on Governance Issues and as provided for in the proposed amendments. The maximum term of office, including terms served to date, is 8 years for any Director. The MFDA has advised us that the form of proposed amendments to By-law No. 1 republished with its Notice will accompany the materials to be sent to MFDA Members in connection with the special meeting of Members to be held on October 2, 2009.

As indicated when the proposed amendments were originally published for comment on August 21, 2009, the jurisdictions that recognize the MFDA (the Recognizing Regulators) approved amendments to the MFDA's By-law No. 1 related to directors in November 2008, but these were not implemented. The Recognizing Regulators will revoke their approval of those amendments and will consider the MFDA's current proposal in its entirety.

The comment period expiry date continues to be September 21, 2009. Details on the process for submitting comments are included in Section V of the MFDAs notice.