The Ontario Securities Commission has approved two amendments Mutual Fund Dealers Association rules.

One amendment clarifies that, when a client account or group of accounts were open for less than 12 months, the rate of return showing on any client communication from an MFDA firm must be the total rate of return since account opening. No comments were received on this proposal.

The OSC also approved amendments to the rule regarding account transfers. The amendments were needed in order to effect account transfers in an orderly and timely fashion, and apply to any account transfer of a client of an MFDA member firm. No comments were received on this proposal either.