The Mutual Fund Dealers Association is warning its members to heed their obligations to obtain signed agreements from all of their registered reps.

In a bulletin issued Friday, the regulator says that MFDA staff understand that some members have interpreted the requirement to apply only to reps that were registered with the firm at the time of applying for membership in the MFDA. “However, members should note that this requirement also applies to each approved person that subsequently joins or has joined the member,” the bulletin notes.

The MFDA says that if the approved person has already executed such an agreement with a previous firm, the rule requirement may be met by obtaining a copy of that agreement, or completing a new one.

“The approved person and the member must each ensure that the prescribed form has been signed before the individual transacts any business on behalf of the member,” it says. “Failure to comply with this requirement may result in enforcement proceedings.”

The prescribed form is available in pdf format on the MFDA website at: http://www.mfda.ca/MembershipServices/ApprovPers-En.pdf .