Securities regulators have approved amendments to the Mutual Fund Dealers Association of Canada’s recognition order and by-laws concerning the definition of public directors.

The latest amendments to the MFDA’s recognition order remove the definition of “public director” from the terms and conditions, and make housekeeping amendments to correct inconsistencies and typographical errors. The Ontario, B.C. and Nova Scotia securities commissions and the Saskatchewan Financial Services Commission have all made similar amendments to their recognition orders.

The regulators have also approved amendments to various provisions of the MFDA’s by-laws that include revisions to the definition of “public director” to permit individuals currently ineligible to act as public directors to qualify where appropriate, and the terms of office and maximum tenure for all MFDA directors.

These proposed amendments were published for comment on May 23. Two submissions were received during the public comment period from: Portfolio Strategies Corp. and Kenmar Associates.

A summary of the comments received, together with the MFDA’s responses was also published.

IE