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The regulator wants to reduce the administrative burden on mutual fund dealers

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August 1, 2017 09:45

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The canadian securities administrators (CSA), theFrench financial markets Authority is a part, has recently published the final text of draft amendments to national instrument 31-103 registration requirements and exemptions and ongoing obligations for registrants (ni 31-103).

Some of the proposed amendments pertain to the financial reporting obligations of the mutual fund dealers registered in Québec. They aim to clarify the regime applicable to those broker-dealers, to harmonize their financial reporting obligations and reduce their administrative burden.

Subject to the financial reporting requirements of

Thus, the mutual fund dealers registered in Québec will now be subject to financial reporting obligations set out in Part 12 of ni 31-103. However, the mutual fund dealers registered only in Quebec, and only in the category of mutual fund dealer, will have the choice to file annual and quarterly Appendix I — Report bi-monthly on net liquid capital or form 31-103f1 Calculation of excess working capital.

A repeal in less

The obligation to submit the Report bi-monthly on net liquid capital will also be repealed for the mutual fund dealers registered in more than one category of registration.

Finally, the mutual fund dealers registered in Québec that are members of thecanadian Association of mutual fund dealers (MFDA) will now be able to file Form 1 MFDA rather than form 31-103f1 Calculation of excess working capital, and this, in the same conditions as other jurisdictions.

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