The Mutual Fund Dealers Association of Canada has implemented a process to allow dealers to obtain historic enforcement information on reps and prospective reps.

Under the process, the MFDA will provide:
> a list of all files closed with formal or informal disciplinary action, and copies of any warning letters, cautionary letters, agreements and undertakings, settlements, and hearing panel decisions;
> a list of all open files, and copies of opening and escalation letters; and
> the number of event reports filed a rep.

To make a request, the dealer must obtain the completed consent from the rep, and pay a $50 fee.

The information will then be sent electronically to the firm’s chief compliance officer and to the rep.

The process is also available to current and former reps directly, the MFDA notes.

IE