Notice of BCSC Non-Objection to Proposed Amendments to the MFDA’s Policy No. 3 - Complaint Handling, Supervisory Investigations and Internal Discipline

View PDF of Blackline Amendments to MFDA Policy No. 3
View PDF of MFDA Policy No. 3
View PDF of Summary of Comments

On November 6, 2009, the BCSC did not object to the MFDA's proposed amendments to Policy No. 3 - Complaint Handling, Supervisory Investigations and Internal Discipline and related amendments to other MFDA rules. The Alberta Securities Commission, Saskatchewan Financial Services Commission, Manitoba Securities Commission, Ontario Securities Commission, New Brunswick Securities Commission and Nova Scotia Securities Commission have approved the amendments.

The amendments provide guidance about members' obligations in handling client complaints and in subsequent supervisory investigations in order to ensure fair and prompt handling of such complaints. The proposal also harmonizes the MFDA's complaint handling requirements with those of IIROC and the CSA.

The BCSC initially published the amendments on its website for a 30-day comment period on July 13, 2007. In May 2008, representatives of the CSA, MFDA and IIROC meet to ensure consistency between the complaint handling requirements for all registrants. The MFDA revised its proposal as a result of these discussions, which the BCSC published for a 60-day comment period on March 13, 2009.

The MFDA summarized the comments it received on the revised proposal and provided responses. We attach a copy of the summary and MFDA responses, as well as a blacklined copy of the amendments showing the changes to the version published in March 2009 and to the current rules.

Today, the Ontario Securities Commission is publishing a Notice of Approval of amendments to IIROC's complaint handling requirements on its website. You can find that Notice at www.osc.gov.on.ca.

December 18, 2009


Ref: Request for Comment: MFDA - Policy No. 3 - Complaint Handling, Supervisory Investigations and Internal Discipline

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.