The British Columbia Securities Commission has released audit results of the Pacific regional operations of the Mutual Fund Dealers Association.

The BCSC conducted its initial review of the MFDA Pacific regional office in July 2005. The audit examined the regional regulator’s overall performance and focused attention on its enforcement, compliance examinations and membership functions.

The BCSC said the MFDA has satisfactorily addressed all of the issues identified in the report.

The BCSC has recognized the MFDA as a self-regulatory organization with the responsibility to regulate the distribution side of the Canadian mutual fund industry. The MFDA does so by establishing, monitoring, and enforcing rules and practices to ensure high standards of conduct by its members, and to enhance investor protection and strengthen public confidence in the industry. The BCSC conducts regular audits of SROs such as the MFDA as part of its oversight function.