MF Global Canada Q & A

Questions that customers of MF Global Canada Co. have been asking are set out below along with answers.

CIPF Coverage


1.   Q:  What is the Canadian Investor Protection Fund (CIPF or the Fund) and how does the Fund protect customers of MF Global Canada Co.?

A:  The Canadian Investor Protection Fund was established by the investment industry with the mandate to maintain adequate resources to return assets belonging to eligible customers in cases where the CIPF Member becomes insolvent.  Each investment dealer contributes to a substantial fund that CIPF maintains.

2.   Q:  Are customers of MF Global Canada Co. protected by the Canadian Investor Protection Fund?


A:  MF Global Canada Co. is a Member of the Canadian Investor Protection Fund and has been declared insolvent. Coverage is automatic for all eligible customers as at the date of insolvency.

3.   Q:  What assets does CIPF cover?

A:  CIPF covers customers of Members who have suffered or may suffer financial loss solely as a result of the insolvency of a Member. Such loss must be in respect of a claim for the failure of the Member to return or account for securities, cash balances, commodities, futures contracts, segregated insurance funds or other property, received, acquired or held by, or in the control of, the Member for the customer, including property unlawfully converted.

4.   Q:  Are there losses that are not eligible for payment by CIPF?

A:  CIPF does not cover customer losses that result from changing market values of securities, unsuitable investments, or the default of an issuer of securities.

5.   Q:  Are there limits of coverage?

A:  The limit is $1,000,000 CDN for any combination of cash and securities on the coverage provided for a customer’s General Account and each Separate Account (described in the CIPF Coverage Policy). This limit is applied to any shortfall of the customer’s assets that are not recovered from the insolvent Member.


As a customer, what do I have to do?

6.   Q:  How will I get my assets back?

A:  Claims that are eligible for coverage are normally settled by ensuring that the trustee has sufficient assets to transfer the customer accounts to another Member.  In this case, everybody is working to expedite a bulk transfer of the customer accounts.  If the estate does not have sufficient funds to fully cover a transfer of accounts, CIPF normally funds the difference within the limits set out in the CIPF Coverage Policy.

7.   Q:  Do I need to file a claim?

A:  In the event of a bulk transfer of customer accounts, CIPF and the Trustee will rely on the customer account records of MF Global Canada Co. If you agree with the amount transferred, there should be no need for you to do anything further. Customers should only need to file a proof of claim form in the insolvency if there is an unresolved discrepancy after the accounts are transferred.  In such a situation, a proof of claim form will be provided. 

8.   Q:  How long will it take for me to get access to my assets?

A:  CIPF is working with the Trustee, KPMG Inc., to expedite the return of customer assets. The timeline to accomplish this will depend on the particular circumstances and the ability to transfer accounts as proposed.  As information becomes available, the Trustee will post updates on their website.

For more information, see CIPF Coverage section and other FAQ, available on the CIPF website.

Have a Question? Just Ask!


All Rights Reserved. Copyright 2022 CIPF

Please select your language of preference to continue

veuillez sélectionner votre langue de préférence pour continuer

Top of Page