MFDA passes CSA oversight review

The MFDA has passed an annual risk-based assessment of its regulatory processes, the CSA said Wednesday.

CSA staff reviewed the SRO’s regulatory processes related to sales compliance, membership services, financial operations and corporate governance.

“No findings were identified during the oversight review and CSA staff concluded that the MFDA is meeting the relevant terms and conditions of the recognition orders in the functional areas reviewed,” the regulators’ report says.

However, with regard to membership services, CSA staff identified “certain enforcement processes that were not within scope of the review, that require further follow up with the MFDA,” the report says.

It also noted that the MFDA discussed the need to reassess its dealer member fee model, and a formal reassessment is being considered in the SRO’s new strategic plan.

Read:

The MFDA made “sufficient progress” in resolving issues flagged in previous oversight reports, the CSA says. Last year’s report contained a medium-priority finding related to “a lack of policies and procedures for handling repeat deficiencies,” and a low-priority finding related to the adequacy of documentation in case files.

Read:

MFDA cracking down on supervision failure, falsifications: CSA review

Regulators flag concern with IIROC’s use of collected fines