(June 15 – 14:25 ET) – The Ontario Securities Commission is confirming that the rules establishing the Mutual Fund Dealers Association will be published for comment tomorrow.
Rebecca Cowdery, manager of investment funds at the OSC, confirms to investmentexecutive.com that the MFDA’s application for SRO recognition and its proposed rules will be published tomorrow. The rules will be out for a 90 day comment period. The OSC’s own rules establishing the MFDA as an SRO for fund dealers will also be released.
The commission first received the rules and SRO application in December, and the MFDA was hoping to have them published in February. Technical amendments back and forth have pushed back the publication date until now.
The industry is eagerly awaiting the proposed rules as they will not only establish a brand new regulatory environment for previously unregulated fund dealers, but the impact of this regulation is expected to be a major catalyst in the dealers’ corporate strategy.
Regulators and the MFDA expect that the group will be up and running by January 2001.
-James Langton