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Notice of BCSC Non-Objection to Proposed Amendments to MFDA Rule 3.1.1 (Capital – Minimum Levels) and Form 1 – Financial Questionnaire and Report

View PDF of MFDA Rule 3.1.1 Proposed Amendments - Blackline
View PDF of Summary of Public Comments Respecting Request for Comment on Proposed Amendments to MFDA Rule 3.1.1 and MFDA Form 1

On January 11, 2011, the BCSC and the MFDA's other recognizing regulators1 did not object to, not disapprove, or did approve2, as the case may be, the MFDA's proposed amendments to MFDA Rule 3.1.1 (Capital - Minimum Levels) and Form 1 - Financial Questionnaire and Report.

The amendments are intended to:

  • harmonize the MFDA's minimum capital requirements with those under National Instrument 31-103 - Registration Requirements and Exemptions; and
  • align financial reporting required under Form 1 with International Financial Reporting Standards.

The amendments are subject to the condition that the MFDA submit a proposed definition of "market value" of securities for Form 1 purposes to the recognizing regulators for review by March 31, 2011.

The BCSC published the amendments for comment on its website on August 31, 2010 for a 60-day comment period. The MFDA received one comment letter on the proposed amendments, which is summarized and responded to in the attachment to this notice. We also attach a blacklined copy of Form 1 showing the changes to the version published in August 2010.

January 21, 2011

Ref: Proposed Amendments to MFDA Rule 3.1.1 (Capital - Minimum Levels) and Form 1 - Financial Questionnaire and Report

This Notice may refer to other documents. You can find these documents at the B.C. Securities Commission public website at www.bcsc.bc.ca in the section Securities Law & Policy: Policies & Instruments.

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