MFDA accepts Settlement Agreements in the Matter of Corner, Halladay, Moore,
Rainbird and Hanson

TORONTO, July 7 /CNW/ - A Settlement Hearing in the matter of Colin Corner, Heather Halladay, Richard Moore, James Rainbird and John Joseph Hanson was held yesterday in Toronto, Ontario before a Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada.

The Hearing Panel accepted the Settlement Agreements between Staff of the MFDA and the Respondents, as a consequence of which:

    
    -   The Respondents Corner, Halladay, Moore, Rainbird and Hanson were
        reprimanded, pursuant to section 24.1.1 (a) of By-law No. 1;

    -   The Respondents Corner, Halladay, Moore and Rainbird shall each pay
        costs in the amount of $5,000, attributable to conducting the
        investigation and settlement of this matter.
    

In addition, the following individual penalties were imposed:

Corner

    
    -   Corner shall be prohibited from acting in a supervisory capacity
        including specifically from acting as a branch manager or an
        alternate branch manager, compliance officer or ultimate designated
        person ("UDP"), for a period of five (5) years;

    -   If he has not already done so within the last three (3) years, Corner
        shall successfully complete the IFSE (IFIC) Mutual Fund Dealer
        Compliance course (the "Course") or alternatively the IFIC Investment
        Funds in Canada course within six (6) months of the date that the
        Settlement Agreement is accepted by the Hearing Panel;

    -   Corner shall successfully complete a three (3) month period of close
        supervision immediately following the date that the Settlement
        Agreement is accepted by the Hearing Panel;

    -   Corner shall in the future comply with all MFDA By-laws, Rules and
        Policies, and all applicable securities legislation and regulations
        made thereunder.
    

Halladay

    
    -   In the event that Halladay becomes an Approved Person of a MFDA
        Member, Halladay is prohibited from acting in a supervisory capacity
        including specifically from acting as a branch manager or an
        alternate branch manager, compliance officer or UDP, for a period of
        five (5) years from the date of commencing to be an Approved Person.
    

Moore

    
    -   In the event that Moore becomes an Approved Person of a MFDA Member,
        Moore is prohibited from acting in a supervisory capacity including
        specifically from acting as a branch manager or an alternate branch
        manager, compliance officer or UDP, for a period of five (5) years
        from the date of commencing to be an Approved Person;

    -   In the event that Moore seeks to become an Approved Person of a MFDA
        Member, Moore shall successfully complete the Course prior to
        becoming an Approved Person unless he has already done so within the
        last three (3) years from the date that Moore seeks to become an
        Approved Person; and

    -   In the event that Moore becomes an Approved Person of a MFDA Member,
        Moore shall successfully complete a six (6) month period of close
        supervision from the date of commencing to be an Approved Person.
    

Rainbird

    
    -   In the event that Rainbird becomes an Approved Person of a MFDA
        Member, Rainbird is prohibited from acting in a supervisory capacity
        including specifically from acting as a branch manager or an
        alternate branch manager, compliance officer or UDP, for a period of
        five (5) years from the date of commencing to be an Approved Person;

    -   In the event that Rainbird seeks to become an Approved Person of a
        MFDA Member, Rainbird shall successfully complete the Course prior to
        becoming an Approved Person unless he has already done so within the
        last three (3) years from the date that Rainbird seeks to become an
        Approved Person;

    -   In the event that Rainbird becomes an Approved Person of a MFDA
        Member, Rainbird shall successfully complete a six (6) month period
        of close supervision from the date of commencing to be an Approved
        Person; and
    

Hanson

    
    -   Hanson shall be prohibited from conducting any securities related
        business in any capacity while in the employ of, or in association
        with, any MFDA Member for a period of one (1) year;

    -   In the event that Hanson seeks to become an Approved Person of a MFDA
        Member, Hanson shall successfully complete the Course prior to
        becoming an Approved Person unless he has already done so within the
        last three (3) years from the date that Hanson seeks to become an
        Approved Person;

    -   In the event that Hanson becomes an Approved Person of a MFDA Member,
        Hanson is prohibited from acting in a supervisory capacity including
        specifically from acting as a branch manager or an alternate branch
        manager, compliance officer or UDP, for a period of seven (7) years
        from the date of commencing to be an Approved Person; and

    -   In the event that Hanson becomes an Approved Person of a MFDA Member,
        Hanson shall successfully complete a six (6) month period of close
        supervision from the date of commencing to be an Approved Person.
    

The Hearing Panel advised that it would issue written reasons for its decision in due course.

Copies of the Settlement Agreements 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 139 Members and their approximately 73,000 Approved Persons with a mandate to protect investors and the public interest.

SOURCE Mutual Fund Dealers Association of Canada

For further information: For further information: Shaun Devlin, Vice-President, Enforcement, 416-943-4672 or sdevlin@mfda.ca


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