As we discussed in our post of June 24, the MFDA requested comments this past summer on a proposal to increase the size of the MFDA Investor Protection Corporation (IPC) fund to $50 million. The MFDA, which accepted comments on the proposal until September 1, has now agreed to increase the size of the fund. The time frame for raising the additional $20 million, however, will be extended to seven years rather than the originally-contemplated five years.
For more information, and for a description of next steps, see MFDA Bulletin #0452-M.
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