The Mutual Fund Dealers Association of Canada has issued a bulletin advising its members of the provincial securities commissions that have issued relief orders from for certain firms.

On July 14, 2006, the MFDA issued a bulletin reporting that the Regulatory Issues Committee of its board of directors granted exemptive relief from from the commingling prohibition for all members that are Level 3 and 4 Dealers. However, as a condition of relying on the MFDA relief, firms are required to obtain relief from the relevant provincial regulatory authorities.

So far, the Alberta Securities Commission, the New Brunswick Securities Commission, the Nova Scotia Securities Commission and the Saskatchewan Financial Services Commission have all issued orders that provide (subject to certain conditions) an exemption from the commingling prohibitions of securities rules.

“To the extent that exemptive relief from the commingling prohibitions is required in jurisdictions that have not issued blanket relief orders, members are reminded that they will have to apply to these jurisdictions on an individual basis,” the bulletin explains.