TORONTO, April 13, 2016 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") has commenced disciplinary proceedings in respect of Valery Herner (the "Respondent"). In its Notice of Hearing dated March 9, 2016, Staff of the MFDA alleges that the Respondent engaged in the following conduct contrary to the By-laws, Rules and/or Policies of the MFDA:
Allegation #1: Between June 2011 and June 2012, the Respondent recorded Know-Your-Client information for clients SM and MM on the clients' account documents, which information he believed to be inaccurate, in order to match the clients' information with the risk profile of the investments purchased by the clients, thereby failing to ensure that the orders he recommended or accepted for the accounts of the clients were within the bounds of good business practice, and impairing the Member's ability to properly supervise the Respondent's activities, contrary to MFDA Rules 2.2.1 and 2.1.1.
The first appearance in this proceeding will take place by teleconference before a Hearing Panel of the MFDA's Central Regional Council on May 9, 2016 at 11:00 a.m. (Eastern), or as soon thereafter as the appearance can be held, in order to schedule a date for the commencement of the hearing on the merits and to address any other procedural matters. The first appearance will be open to the public, except as may be required for the protection of confidential matters.
A copy of the Notice of Hearing is available on the MFDA website at www.mfda.ca. During the period described in the Notice of Hearing, the Respondent conducted business in the St. Catharines, Ontario area.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its Members and their approximately 83,000 Approved Persons with a mandate to protect investors and the public interest. For more information about the MFDA's complaint and enforcement processes, as well as links to 'Check an Advisor' and other Investor Tools, visit the For Investors page on the MFDA website.
SOURCE Mutual Fund Dealers Association of Canada
For further information: Charles Toth, Director, Litigation, 416-943-4619, firstname.lastname@example.org