BCN 2001/59 - BC Instrument 31-504 - Temporary exemption for mutual fund dealers from MFDA membership [BCN - Rescinded]

The Executive Director has ordered that mutual fund dealers are exempt from being members of the Mutual Fund Dealers Association of Canada (MFDA) until July 2, 2002.  The exemption applies to persons currently registered as mutual fund dealers and those who become registered prior to July 2, 2002.

On March 21, 2001, the Commission published BCN 2001/18.  It explained the Commission had adopted amendments to the Securities Rules, B.C. Reg. 194/97 that, among other things, required mutual fund dealers to apply to join a self-regulatory organization (the MFDA) by April 30, 2001 (Securities Rules, clause 6(2)(c)(ii)(A)).  The Commission explained that mutual fund dealers are to be members of the MFDA by their next registration renewal dates.

In BCI 33-503, published on April 12, 2001, the deadline for mutual fund dealers to apply to become members of the MFDA was extended to May 23, 2001.

The MFDA is a new self-regulatory organization and has not yet approved any applications by mutual fund dealers to be members of the MFDA.  To recognize this situation, the Executive Director has made the order described above.  It is expected all applications from current mutual fund dealers for MFDA membership will be processed by July 2, 2002.

Questions may be referred to:

Sandy Jakab-Hancock
Senior Legal Counsel
Policy & Legislation
British Columbia Securities Commission
(604) 899-6869
(800) 373-6393 (in B.C.)
shancock@bcsc.bc.ca

Robert Hudson
Manager, Registration
Capital Markets Regulation
British Columbia Securities Commission
(604) 899-6691
(800) 373-6393 (in B.C.)
rhudson@bcsc.bc.ca

August 3, 2001

Martin Eady
Acting Executive Director

Ref: BCN 2001/18
BCI 33-503

This Notice may refer to other documents. These documents can be found at the B.C. Securities Commission public website at www.bcsc.bc.ca in the Commission Documents database or the Historical Documents database.