The Mutual Fund Dealers Association of Canada (MFDA) is seeking changes to its recognition orders, and amendments to expand the population of possible public directors.

According to the latest OSC Bulletin, the MFDA has submitted an application to the securities regulators in Alberta, BC, Manitoba, Ontario, Saskatchewan, New Brunswick and Nova Scotia to amend its recognition orders in order to: remove the definition of “public director” from the terms and conditions of the orders; and, to make certain housekeeping amendments.

It is seeking to remove the definition from the recognition orders saying that it duplicates the by-law; and the MFDA would prefer to have the definition in its by-law, which it can change without prior approval.

The MFDA’s application to the regulators also includes proposed amendments to the definition of “public director” in its by-laws. The proposed amendment to the definition is designed to permit individuals currently ineligible to act as public directors to qualify. It would also change the terms of office and maximum tenure for all MFDA directors.

The MFDA says it is proposing these changes in order to align its governance structure with current practices of other self regulatory organizations and required regulatory policy, as well as to increase the number of qualified individuals who meet the requirements to act as public directors.

Comments are due by June 23.