Notice of BCSC Non-Objection to Proposed Amendments to MFDA By-law No. 1 (Definitions), Rule 2.5.5 (Branch Manager) and Policy No. 2 Minimum Standards for Account Supervision


View PDF of Notice of BCSC Non-Objection to Proposed Amendments to MFDA By-law No. 1 (Definitions), Rule 2.5.5 (Branch Manager) and Policy No. 2 Minimum Standards for Account Supervision  PDF
View PDF of MFDA Branch Supervision-Summary of and Responses to Public Comment  PDF
View PDF of MFDA Branch Supervision-Amendments blacklinePDF

As of August 29, 2013 the BCSC and the MFDA's other recognizing regulators1 did not object to or approved2 proposed amendments to By-law No. 1 (Definitions), Rule 2.5.5 (Branch Manager) and Policy No. 2 Minimum Standards for Account Supervision.

The MFDA's proposed amendments provide members with a more flexible, principle-based approach to determining how to best supervise their branches while still ensuring that there are appropriate structures and procedures in place to identify and manage potential compliance issues at the branch level.

The BCSC published the proposed amendments for comment on its website on January 4, 2013 for a 90-day comment period. The MFDA received ten comment letters. We attach the MFDA's summary of these comments and responses to them. We also attach a blacklined copy of the proposed amendments to Policy No.2 showing changes made to the version published for comment.


September 12, 2013

 

Ref:  Request for Comment: Proposed amendments to MFDA By-law No. 1 (Definitions), MFDA Rule 2.5.5 (Branch Manager) and MFDA Policy No. 2 Minimum Standards for Account Supervision

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1 Alberta Securities Commission, Financial and Consumer Affairs Authority of Saskatchewan, Manitoba Securities Commission, Ontario Securities Commission, Financial and Consumer Services Commission of New Brunswick and Nova Scotia Securities Commission.
2 Non-objection and approval are the different ways in which the recognizing regulators express their decisions after reviewing proposed MFDA rules.