The Mutual Fund Dealers Association of Canada (MFDA) has proposed two sets of amendments to its MFDA Rules dealing with MFDA Rule 1.2 (Individual Qualifications) and MFDA Rule 5.3.2 (Content of Account Statement).

The MFDA states that the proposed amendments to Rule 1.2 are intended to harmonize MFDA Rules with similar requirements under NI 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations, particularly with respect to individual proficiency requirements and outside business activities.  Notably, an Approved Person would have an obligation to provide written disclosure of outside business activities to clients in situations where such activity could be confused with member business. According to the notice of amendment, the proposed amendments to MFDA Rule 5.3.2 would require disclosure that the Member is a member of and regulated by the MFDA in client account statements.

The comment period ends on September 16, 2015.