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Training : the MFDA requested the advice of the sector



24 July 2019 13:30

Photo : Freepik

L’Association canadienne des courtiers de fonds mutuels (“MFDA”) request to the parties concerned with their opinion as to whether it should continue to manage the accreditation of programmes of continuing education, or if it should delegate this task. The regulator also ask them for ideas of alternatives that it should consider.

In a working paper recently published, the MFDA explains that its staff may not have the time to treat this could represent a number of “important” of requests for accreditation, in addition to taking care of its own continuing education program.

A right arm under control

According to the proposal made in the working paper, a delegate may make recommendations to the MFDA, but it would not be able to make a final decision. This delegate would also checks to see if it meets the requirements of the MFDA, says the document.

The delegate ” should also be an accreditation experienced, established policies and procedures are well established and know the industry and the regulation of securities. In order to address the potential conflicts of interest, it could be banned from the delegate of the MFDA to be a receiving party or to be associated with a provider of educational services. “

The Chamber will be recognized automatically

The requirements set out in the framework of this proposal are similar to those already adopted by the Chamber of financial security, recognized as the organisme d’autoréglementation (SRO) under the provincial legislation on the securities in Quebec. Given that the MFDA has already concluded a cooperation agreement with the Chamber, she proposes that he be granted automatically the status of accreditation third party.

The document notes that, although thecanadian Organization of regulation of securities trading (IIROC) is also recognized as an SRO under the provincial securities legislation, it outsources the assessment and management of the UFC. Consequently, the MFDA proposal does not provide for the automatic recognition of IIROC as an accreditation body.

The deadline to deliver its comments to the MFDA is the 20 September 2019.

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