CSA Release MFDA Oversight Review Report

On November 18, 2016, the Canadian Securities Administrators ("CSA") released the Oversight Review Report of the Mutual Fund Dealers Association of Canada ("MFDA") (the "Report"). The Report concluded that the MFDA processes reviewed are generally effective and efficient, and are applied consistently and fairly. However, the Report noted a number of high- and medium-priority findings, including that signature falsification remains an ongoing issue among mutual fund dealers.

The Report was conducted by seven of the eight provincial regulators that recognize the MFDA (the Prince Edward Island Office of the Superintendent of Securities did not participate) and covered the period from July 1, 2012 to July 31, 2015. Based on the findings from the previous report on this issue (which was released in April 2013 and set out the MFDA's commitments to ensure compliance by its members with its rules and guidelines, as well as timelines and monitoring in respect of same) the