Approval of Housekeeping Amendments to MFDA Form 1

MFDA Rule 3.5.1(b) requires, on an annual basis, that each Member file an audited financial report with the MFDA in the prescribed form (i.e. Form 1). Under MFDA Rule 3.6.1, the audit must be conducted in accordance with Canadian Auditing Standards (“CAS”).

In April 2017, the Auditing and Assurance Standards Board (“AASB”) adopted, as CAS, a package of auditor reporting requirements, which are intended to provide enhanced transparency by clarifying the scope of auditor work, as well as the roles and responsibilities of the auditor, management, and those charged with governance.

CAS will require the new auditor reporting standards to be used for periods ending on or after December 15, 2018. As a result, the two Independent Auditor’s Reports contained within Form 1 must be amended to reflect the new standards.

Proposed housekeeping amendments to Form 1 were reviewed by the Regulatory Issues Committee of the MFDA Board of Directors on November 14, 2018, approved by the full MFDA Board of Directors on November 28, 2018, have received all other required regulatory approvals, and are now in effect.

Appendix A