Final answer:
An MFDA Dealer needs to comply with MFDA rules, which are put in place to maintain proper standards within the mutual fund industry and are recognized by provincial securities commissions. Option A
Step-by-step explanation:
A Mutual Fund Dealers Association (MFDA) Dealer operating within a branch of a Financial Institution (FI) is required to comply with securities regulation. In Canada, the regulation that most directly applies to the distribution and sales of mutual funds by an MFDA Dealer is not the Securities Act, but rather, rules established by self-regulatory organizations such as the Mutual Fund Dealers Association of Canada itself.
An MFDA Dealer must adhere to the MFDA rules, as these are designed to ensure proper standards of practice and conduct in the mutual fund industry. Also noteworthy, since MFDA is recognized by provincial securities commissions, MFDA dealers also have to comply with the applicable provincial securities legislation. Option A