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Federation of Mutual Fund Dealers Toronto, ON April 26, 2016 Member Education and Proficiency Member Education and Proficiency • Continuing Education • ETF’s • Financial Planning Titles • Best Practices in the Advisory Process 2 Compliance Update Agenda • Round 5 – Sales Examination Process Changes • Focus on Fees • Additional Reforms to Improve Suitability Standards • Other Initiatives 4 Round 5 - Sales Examination Changes • Updated trade blotter request • Access to the Member’s system • Risk model • CRM2/POS3 5 Focus On Fees • DSC • Fee-based programs • Premium/Investor Series Funds • Sales Incentives and Conflicts of Interest • Expanding Charges and Compensation Reporting 6 Additional Reforms to Improve Suitability Standards • Enhance supervision DSC trades Concentration limits • Enhance KYC standards Comprehensive standards to assess KYC Frequency of updates 7 Other Initiatives • Charges and Compensation Report • Client Research 8 Enforcement Update Insurance Regulators • FSCO MOU 2014 Ontario Expert Committee Reciprocal Discipline Equivalent Standards - Suitability Joint investigations Fine Collection • Other jurisdictions 10 OBSI • Independent Review • Industry Comments Fairness harmonized with regulatory standards In consultation with Members and other stakeholders Transparent principles and case examples Followed consistently by OBSI staff Applied impartially • Process for impasse cases • OBSI regional meetings with Members 11 Questions