(February 12 – 10:15 ET) – The British Columbia Securities Commission has joined Ontario in recognizing the Mutual Fund Dealers Association as a self-regulatory organization.

The BCSC officially recognized the MFDA on Friday, following a similar move in Ontario earlier lastweek. Alberta and Saskatchewan are expected to follow suit this week.

Recognition by the BCSC. is key because it, along with Alberta Securities Commission, was worried about the issue of the use of personal corporations by reps. But talks between the three regulators have apparently resolved any lingering concerns, putting the MFDA one step closer to actually opening its doors to fund dealers.

Provincial rules making membership in the MFDA mandatory will be the next step, which should see dealers start applying to join the MFDA in late April and May, with the deadline for membership coming a year after that.
-IE Staff