The Investment Dealers Association of Canada is amending the by-law governing its Discretionary Fund to clarify which costs it can cover.

In the latest OSC Bulletin, the IDA notes that the IDA has recently focused greater attention on the use of the Discretionary Fund and, “In so doing, we have identified some matters that we believe require clarification.”

The existing by-law specifies that payments from the fund may be made to pay the fees, expenses or other remuneration of retired industry and public members of a District Council Panel, Hearing Panel or Appeal Panel.

“From time to time, the IDA incurs other costs related to hearings and appeals such as the rental of meeting rooms at a local hotel or mediation centre to facilitate hearings/appeals, transcript services, retention of experts by a panel, etc. All of these expenses are incurred directly pursuant to the IDA’s adjudicative process,” it says. “We propose that such expenses could properly be charged to the Discretionary Fund. No costs relating to the IDA’s investigative or enforcement processes have or will be charged to the Discretionary Fund.”

The change is not being published for comment, as the IDA has deemed it “housekeeping in nature”.