The priorities identified by the members in 2012 have not changed dramatically. In 2011, the priorities included:
Lobby regulators and other associations
Create a meaningful dialogue with the MFDA
Become a communication conduit for members, and
Identify the key regulations to weigh in on or avoid
In 2012, three new priorities were identified in addition to those noted above. They are:
Facilitate an analysis of new regulatory requirements/how to best implement
Increase association membership
Lobby for more equitable regulatory and compliance structures for small vs. large dealers (a risk based approach)
In this section of the survey, members were asked to identify best practices the MFDA could consider for 2012 – specific to the compliance exam and audit processes. The questions were open ended and asked members to identify two or three areas where the MFDA could be encouraged to modify or adopt practices in order to better serve their stakeholders. The Federation members were asked to focus on constructive and collaborative ideas. We received 18 responses which could be categorized under;
The Federation’s Board is working through the satisfaction and best practices results with a view to meeting with MFDA staff to discuss.
* lobby regulators and other associations
* maintain a meaningful dialogue with the MFDA
* be a communication conduit; and
* identify key regulations to weigh in on
The Board, working with members’ input were then able to establish the vision, mission and purpose of the Federation:
Our Vision is to be the representative voice of mutual fund distribution in Canada.
Our Mission is to ensure the viability and prosperity of this channel of distribution; and
Our Purpose is to
* Provide the forum for all stakeholders
* Be the advocate for our members, and
* Work with members to provide support through education, awareness and best practices.
We will be working with Fusion again to build on this foundation in order to ensure our priorities remain current and our communications strategy continues to be effective. Results when analyzed will be distributed to Members and available here.