Common use of Qualifications of the Independent Monitor Clause in Contracts

Qualifications of the Independent Monitor. 1. The Monitor must exhibit and apply: i. An understanding of MFDA requirements (i.e. By-laws, Rules, Policies, Notices and Bulletins); ii. Familiarity with mutual fund dealer operations and compliance issues; and iii. Familiarity with adequate Member compliance procedures (i.e. the Monitor should not be proposing procedures it develops at first instance without an understanding of procedures compliant Members have instituted to meet MFDA requirements).

Qualifications of the Independent Monitor. 1. The Monitor must exhibit and apply: i. An understanding of MFDA requirements generally and MFDA leverage requirement specifically (i.e. By-laws, Rules, Policies, Notices and Bulletins); ii. Familiarity with mutual fund dealer operations and compliance issues; and iii. Familiarity with adequate Member compliance procedures (i.e. the Monitor should not be proposing procedures it develops at first instance without an understanding of procedures compliant Members have instituted to meet MFDA requirements).