Mutual Fund Dealers, Brokers and Securities Dealers Required to Join
a Self-Regulatory Organization
The Saskatchewan Securities Commission has recognized the Mutual Fund
Dealers Association of Canada as a self-regulatory organization. It has
also adopted Commission regulations that require mutual fund dealers,
securities dealers and brokers to apply for membership with either the
MFDA or the Investment Dealers Association of Canada by May 31, 2001.
Order Recognizing the MFDA
On February 13, 2001 Commission made General
Ruling/Order 11-903 Recognition of the Mutual Fund Dealers Association
of Canada ("GRO 11-903") in which it recognized the
MFDA as a self-regulatory organization pursuant to subsection 21(2) of
The Securities Act, 1988. The terms and conditions of recognition
are substantially similar to those made by the British Columbia Alberta
and Ontario Securities Commissions.
SRO Membership for Mutual Fund Dealers
On February 13, 2001 the Commission also made Commission regulations
adopting Local Instrument 31-502
Self-Regulatory Organization Membership for Mutual Fund Dealers
which requires mutual fund dealers to apply to the MFDA for membership
by May 31, 2001 and to become members by July 2, 2002. Local Instrument
31-502 is also substantially similar to rules adopted by the British Columbia
Alberta and Ontario Securities Commissions.
Mutual fund dealers should begin to prepare their applications for membership
immediately to ensure that they can meet the May 31, 2001 deadline.
The MFDA has posted its form of application for membership and a description
of the application on its Web site. It can be found at http://www.mfda.ca/draftapplicationpackage1.pdf.
SRO Membership for Brokers and Securities Dealers
The Commission also adopted Local
Instrument 33-501 Self-Regulatory Organization Membership for Brokers
and Securities Dealers which requires securities dealers and brokers
to apply for membership with the IDA by May 31, 2001 and become members
by July 2, 2002.
Brokers and securities dealers should also begin to prepare their applications
for membership with the IDA immediately to ensure that they can meet the
May 31, 2001 deadline. Information about becoming a member of the IDA
can be found at http://www.ida.ca/Membership/BecomMemb_en.asp.
Local Instruments 33-501 and 33-502 will become effective after the Minister
of Justice approves them.
February 13, 2001
Contact:
Barbara Shourounis
Director
(306) 787-5842
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