The Mutual Fund Dealers Association has begun its regional council nomination and election process.

The MFDA has regional councils in the Atlantic region (comprising Nova Scotia, New Brunswick, Prince Edward Island and Newfoundland and Labrador), Ontario, the Pacific region (comprising B.C. and the territories); and, the Prairies (comprising Alberta, Saskatchewan and Manitoba). The membership of each council includes elected representatives from the region who are partners, officers, directors, employees or agents of an MFDA member in the relevant region.

Elected representatives are eligible to sit as members of three-person hearing panels that conduct disciplinary proceedings. They may also participate in meetings to consider policy issues.

The two-year terms for the current elected representatives on each regional council are scheduled to expire in June. So, nominations for their replacements are now being sought. The MFDA board has decided that 10 elected reps are needed in the Atlantic region, 15 in each of the Prairie and Pacific regions, and 20 in Ontario.

The MFDA will be forwarding a nomination package to the executive office of each member in each region, inviting nominations of eligible individuals from within their organizations to run for election. Victorious candidates have typically had a strong background in compliance and have held senior positions within the industry, it notes.

If the number of nominees doesn’t exceed the number of reps needed, nominees will be elected by acclamation. Otherwise, the MFDA will coordinate a mail-in ballot process for the election of reps.

The nomination process will be open until March 31.