The Mutual Fund Dealers Association of Canada (MFDA) has received a clean bill health from the Canadian Securities Administrators (CSA) in the provincial regulators’ latest oversight review of the fund industry self-regulatory organization (SRO).
The CSA released a report today detailing the results of its latest oversight review of the MFDA. The report concludes that the SRO is meeting the terms and conditions of its recognition order fully and the CSA doesn’t identify any deficiencies at the MFDA.
The report also notes that the MFDA has adequately addressed the findings from past oversight reviews. The CSA’s previous review of the MFDA found just one medium-priority finding in the MFDA’s financial compliance department, and one low-priority finding in its enforcement division.
The latest review, which was carried out jointly by seven of the provincial regulators (Alberta, British Columbia, Manitoba, New Brunswick, Nova Scotia, Ontario, and Saskatchewan), between January 2017 and 2018, examined the MFDA’s sales compliance, membership services, financial operations and corporate governance arrangements.