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MFDA Policy 5

Requires member firms to maintain complete and accurate business and financial records, ensure those records are secure and accessible, and retain them for a specified period.

Rule Overview

Jurisdiction: Canada

Regulator: MFDA

Topic: Recordkeeping

MFDA Policy 5
Overview
Latest News
Further Reading
  • Key Requirements
  • Maintain Required Records:
    Members must keep all books, records, and documents needed to accurately record:

    • Business transactions.
    • Financial affairs.
    • Transactions conducted on behalf of clients.
    • Any additional records required by the regulator.
  • Electronic Recordkeeping is Allowed:
    Records may be stored electronically or through other technological systems if:

    • The method complies with applicable laws.
    • Adequate internal controls exist to prevent unauthorized changes or falsification.
    • Records can be quickly produced in a legible, complete, and accurate form when requested by the regulator.
    • Appropriate backup and disaster recovery systems are in place.
  • Regulatory Access:
    All required records must be available for inspection by the MFDA (now part of CIRO). The regulator may review, copy, and retain records as needed to fulfill its regulatory responsibilities.
  • Record Retention:
    Members must retain required records for at least seven years from the date the record is created, unless the regulator specifies a different retention period.

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Further Reading

MFDA Policy 5 – Branch Review Requirements – Mutual Fund Dealers Association of Canada (MFDA) Go to https://www.osc.ca/en/industry/market-regulation/self-regulatory-organizations-sro/mutual-fund-dealers-association-canada/mfda-rule-review/mfda-policy-5-branch-review