Securities regulators are seeking comment on proposed changes to the policies that set out their expectations for dealer compliance functions.
In a notice published Friday, the Mutual Fund Dealers Association of Canada indicates that it is proposing revisions to a policy that was first issued in 2006, along with the other self-regulatory organizations, regarding the compliance function at firms.
It says the changes are being put forward in response to the provincial securities regulators’ registration reform rules, which introduced new registration categories, changes to registration requirements, and updates concerning compliance-related functions and supervisors’ roles and responsibilities. As a result, these notices are being revised to ensure consistency and conformity between the explanations provided through the registration reform-related amendments and the SROs’ existing notice on the role of compliance and supervision.
The MFDA indicates that the Investment Industry Regulatory Organization of Canada will be issuing its own separate notice, but that the SROs have worked together to ensure that concepts and principles in the revised notices remain harmonized.
Comments are due by April 24.