On June 8, 2020, the Mutual Fund Dealers Association of Canada
(MFDA) released Bulletin #0825-P
(Electronic Signatures), which addresses updates to MSN-0016, Electronic
Signatures.
The MFDA first permitted the use of electronic or digital
signatures in January 2003, when MSN-0016 was initially released.
The guidance at the time provided that electronic signatures were
permitted where a signature was required with respect to
agreements, contracts or transactions with and between the Member
and its clients, Approved Persons, other Members, the MFDA and any
other person or company where a signature was required to be
executed. Certain conditions were attached to the usage of
electronic signatures, including that Members were required to
obtain a reliable legal opinion confirming their digital signature
technology and system satisfied the legislative requirements in the
jurisdictions in which it was intended to be applied.
