TORONTO, Oct. 25, 2013 /CNW/ - An Application Hearing in the matter of MonArc Money Solutions Inc. was
held today in Toronto, Ontario before a 3-person Hearing Panel of the
MFDA's Central Regional Council pursuant to section 24.3.2 of MFDA
By-law No. 1.
Following submissions from MFDA counsel and MonArc Money Solutions Inc.,
on consent of MonArc Money Solutions Inc., the Hearing Panel signed an
Order granting certain relief, including:
MonArc Money Solutions Inc. is prohibited from engaging in securities
related business, except that it may process switches in client
accounts between mutual funds within the same mutual fund family and
process redemptions in client accounts, until all client accounts are
transferred from MonArc Money Solutions Inc.; and
MonArc Money Solutions Inc. is prohibited from handling purchase monies,
redemption proceeds, or any other monies on behalf of a client; and
MonArc Money Solutions Inc. is prohibited from opening any new client
The rights and privileges of MonArc Money Solutions Inc.'s Membership in
the MFDA shall be suspended the sooner of:
a) all client accounts being transferred from MonArc Money Solutions
b) Tuesday November 12, 2013.
Copies of the Notice of Application and Order are available on the MFDA website at www.mfda.ca.
The MFDA is the self-regulatory organization for Canadian mutual fund
dealers, regulating the operations, standards of practice and business
conduct of its 115 Members and their approximately 80,000 Approved
Persons with a mandate to protect investors and the public interest.
SOURCE: Mutual Fund Dealers Association of Canada
For further information:
Managing Director, Enforcement