The MFDA is formally recognized as an SRO in Alberta, British Columbia, Nova Scotia, Ontario, Saskatchewan, New Brunswick and Manitoba and is currently pending approval in Newfoundland and Labrador. The MFDA has also entered into a cooperative agreement with the Authorite des Marches Financiers and actively participates in the regulation of mutual fund dealers in Quebec. The MFDA member rules reflect the mutual fund sales licensing proficiency requirements determined by the provincial securities commissions under National Instrument 31-103. In addition to the base requirements set by the commissions, the MFDA sets proficiency requirements for its members or individuals who supervise those who sell mutual funds.
Mutual Fund Sales Licensing under the Canadian Securities Administrators
Mutual Fund Proficiency Requirements under the Mutual Fund Dealers Association of Canada