BMO GAM’s Ross Kappele elected IFIC chairman

Mutual fund dealers approved a handful of directors for the board of the Mutual Fund Dealers Association of Canada (MFDA), and endorsed a disclosure rule, at the annual general meeting (AGM) of the self-regulatory organization (SRO) on Nov. 30.

Steven Glover and Christopher Nicholls were approved as public directors. Glover, chief financial officer of Alberta’s Clearview Resources Ltd., and Nicholls, law professor at Western University of London, Ont., were each approved to three-year terms on the SRO’s board.

Two industry directors — Susan Dujmovic, a senior executive at HSBC Bank Canada in Vancouver; and, Sonny Goldstein, president of Goldstein Financial Investments Inc. in Toronto — were also approved for two-year terms.

In addition, Nicholls was re-appointed as chairman of the board. Industry director Patricia Callon, senior vice president and general counsel with Sun Life Financial Canada in Toronto, was appointed as vice chairwoman.

On the policy front, mutual fund dealers approved a proposed rule setting out requirements for firms to disclose their membership in the MFDA to clients. The proposals now need approval from the provincial regulators.

As well, dealers appointed Ernst & Young LLP as the MFDA’s auditor.

The 2018 AGM will be held on Nov. 29, 2018 in Toronto, the MFDA announced.

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