Mutual Fund Dealers Association – 2018 Client Research Project

The 2016 Client Research Project provided the MFDA with valuable information and insight into Members’ business, their Approved Persons and their clients. In order to support our ongoing compliance efforts, we will be conducting a second client research project.

Data Request

The MFDA intends on issuing a mandatory data request in June 2018 and will be collaborating with the Autorité des marchés finanaciers to obtain data for all clients residing in the province of Quebec. The data request will include information on all client accounts and positions, including performance returns and charges and compensation information. Members may choose any date between July 1 and September 30, 2018 to extract the data, as long as the date is the same for each data file. Member responses will be due by September 30, 2018. The MFDA also intends on contacting Member third party system providers to discuss the data request.

Appendix A describes the 2 options available for completing the data request and Appendix B provides additional guidance and instructions regarding the data file templates. Members should review this information with their operations staff and system providers.

Request for Feedback

We are seeking feedback from Members regarding their ability to provide client data for this research project. In addition to any general comments that Members may have, input is specifically requested in respect of the questions set out below:

Questions:

1. Do you have any comments regarding the timing of the request and the length of time to submit the data files?
2. For Option 1, do you have any comments regarding the process to anonymize the address and account number information?
3. For Option 2, do you have any comments regarding the encryption process described?
4. Do you have any comments regarding the extraction of the “1 Year Rate of Return” and “1 Year Charges and Compensation” information?

Please submit your comments in writing on or before May 31, 2018 addressed to the attention of:

Ken Woodard
Director, Membership Services & Communications
Mutual Fund Dealers Association of Canada
121 King St. West, Suite 1000
Toronto, ON M5H 3T9
kwoodard@mfda.ca