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. 1 PDF

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 MFDA's notice.