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Weekly Reports

Updates for the week ending July 16, 2010

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Policies and Instruments

  • BCN2010/24 - Notice and Request for Comment - Proposed National Instrument 25-101 Designated Rating Organizations, Related Policies and Consequential Amendments

    This notice publishes for comment proposed National Instrument 25-101 Designated Rating Organizations, its related forms and companion policy, and proposed consequential amendments.  The proposed new rule would require credit rating organizations to apply for designation to allow their ratings to be used for securities regulatory purposes. The comment period ends on October 25, 2010.
  • Amendments to MFDA Rule 2.2 (Client Accounts), Policy No. 2 Minimum Standards for Account Supervision, Rule 2.8 (Client Communications) and Rule 5.3 (Client Reporting)

    This Notice announces that the BCSC has not objected to the MFDA's proposed amendments to its Rule 2.2 (Client Accounts), Policy No. 2 Minimum Standards for Account Supervision, Rule 2.8 (Client Communications) and Rule 5.3 (Client Reporting).  The amendments will:
    • require that investors are provided with certain fundamental information at the time an account is opened;
    • clarify the duty of members and approved persons to assess the suitability of investments in each client account when various triggering events occur;
    • clarify the responsibilities of members and approved persons in discharging their suitability obligations;
    • require members to provide certain information to clients on an annual basis with respect to the performance of the client's account at the member; and
    • clarify the member's supervisory requirements regarding client communications that disclose a rate of return.
     

The MFDA received a total of 37 comment letters on the proposal.  A summary of the comments and the MFDA's responses are attached to this Notice.

  • MFDA's Amended Rules of Procedure

    This Notice announces that the BCSC has not objected to the MFDA's amended Rules of Procedure.  The amendments reflect minor housekeeping amendments, enhancements based on past proceedings and new provisions governing applications for interim relief (Part E) and the appointment of monitors to manage the affairs of MFDA members (Part F).
     
    The MFDA did not receive any comment letters on the amendments.  A blacklined copy of the amended MFDA's Rules of Procedure showing the changes to the version published in July 2009 is attached to this Notice.

News and Events

  • News release 2010/45 - BCSC panel finds three former public company directors committed fraud
  • News release 2010/46 - Canadian Securities Regulators Propose Regulatory Regime for Credit Rating Organizations
  • News release 2010/47 - Panel orders two mining companies and their president to produce technical reports

Decisions, Settlements, Hearings, and Temporary Orders

 (Enforcement)

Cease Trade Orders and Revocations

 (Failure to File)

Exemption Orders