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Notice of Non-Objection: MFDA Calculation of Risk Adjusted Capital (Rules 3.2.2, 3.2.5, and Form 1)

View PDF of Summary of comments and Final Rule

On October 19, 2006, the BCSC did not object to the MFDA's proposed amendments to Rule 3.2 and Form 1. The Alberta Securities Commission, Saskatchewan Financial Services Commission, Ontario Securities Commission and Nova Scotia Securities Commissions have approved the amendments.

The amendments require members to:

  • maintain positive financial statement capital
  • notify the MFDA at the time of any request for accelerated payments by creditors not contemplated in an existing repayment schedule
  • treat all related party debt as a current liability unless a subordination agreement in the form prescribed by the MFDA is signed.
  • The amendments were published for comment on the BCSC website on July 28, 2006. The MFDA has summarized the comments received on the proposal and provided responses. A copy of the summary and MFDA response is attached together with a blacklined copy of the Rule showing the changes made from the original.

December 1, 2006