Securities Law

BCN 2002/25 - BC Instrument 31-505 - Temporary exemption for mutual fund dealers from MFDA membership [BCN - Rescinded]

Published Date: 2002-06-27
Effective Date: 2002-06-26

The Executive Director has ordered that mutual fund dealers are exempt from being members of the Mutual Fund Dealers Association of Canada (MFDA) until the earlier of December 31, 2002 and the date specified, if any, in a condition of registration attached to their registration. The exemption applies only to persons registered as mutual fund dealers with the commission as of July 2, 2002.

For those persons seeking registration as a mutual fund dealer but who are not registered in that category with the commission on July 2, 2002, the commission will not complete the processing of their application until it has received confirmation from the MFDA that it is prepared to accept the applicant as a member. In other words, new applicants should apply for registration with the commission and for membership in the MFDA simultaneously, since the Executive Director will only issue registration as a mutual fund dealer to a person effective at the same time that the MFDA accepts that person as a member.

The Executive Director has made the order described above to provide relief to those persons who are registered as mutual fund dealers with the commission as of July 2, 2002 but who have not been granted membership in the MFDA by that date, either because the MFDA has been unable to complete the processing of their membership applications for administrative reasons or because certain applicants have unresolved issues with the commission and the MFDA is not willing to accept them as members until those matters are resolved. It is expected that the applications of such mutual fund dealers for MFDA membership will be processed by at least December 31, 2002.

Questions may be referred to:

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

June 26, 2002

 

Steve Wilson
Executive Director

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be found at the B.C. Securities Commission public website at www.bcsc.bc.ca in the Commission Documents database or the Historical Documents database.