Dealer firms approve MFDA rule changes at AGM

By James Langton | December 2, 2019 | Last updated on December 2, 2019
1 min read

Fund dealers have approved a series of changes to the Mutual Fund Dealers Association of Canada’s (MFDA) rules  — including governance, investigative and continuing education rules.

At the MFDA’s latest annual meeting on Nov. 28, firms approved amendments to the MFDA’s governance, as well as measures to modernize and clarify its examination and investigation powers, and changes to ensure that the Ombudsman for Banking Services and Investments (OBSI) can share information with the MFDA.

The amendments still require regulatory approval.

Fund dealers also endorsed new rules about implementing continuing education requirements. These rules already have regulatory approval and will take effect in 2020.

The MFDA’s auditors and directors were also approved at the meeting. They include André Langlois, president of Desjardins Financial Security Investments Inc. and, Sonny Goldstein, president of Goldstein Financial Investments Inc., as industry directors.

Hugh McNabney and Vince Valenti were also approved as public directors.

Another public director, Christopher Nicholls, was re-appointed chair of the MFDA, and industry director Patricia Callon was re-appointed vice-chair.

The MFDA announced that it will hold its next annual meeting on Dec. 3, 2020 in Toronto.

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James Langton

James is a senior reporter for and its sister publication, Investment Executive. He has been reporting on regulation, securities law, industry news and more since 1994.