The Mutual Fund Dealers Association is holding elections for member representatives to serve on its regional councils.

This represents the first step to establishing regional councils. The first part of the process to establish regional councils is to conduct in each of the four regions: Atlantic; Ontario; Prairie; and Pacific. The process will be conducted using mail-in nomination forms and election ballots provided by the MFDA.

The number of individuals to be elected to each regional council has been determined by the board as: 10 in the Atlantic region, 20 in Ontario, and 15 each for both the Prairie and Pacific regions. Elected representatives on regional councils are entitled to attend and vote at meetings of the regional council. Also, they are eligible to be selected to sit as members of hearing panels that may be created from time to time to conduct MFDA disciplinary proceedings.

The MFDA has sent each fund dealer a nomination package inviting them to nominate eligible candidates in the region where they have their head office or a branch office. An individual is eligible to be nominated if: the individual is resident in that region; and they are partner, officer, director, employee or agent of an MFDA member in the region. The nomination process is open for four weeks until April 2.

Following completion of the nomination process, members in each region will receive a ballot containing the names of all eligible candidates nominated in that region. Members will have four weeks to record their voting choices on the ballot and return it to the MFDA. The individuals receiving the most number of votes will be elected to the applicable council.