TORONTO, May 6 /CNW/ - A Settlement Hearing in the matter of Christopher Andrew Nivet was held today before a Hearing Panel of the MFDA's Central Regional Council.
The Hearing Panel accepted the Settlement Agreement between MFDA Staff and Mr. Nivet, as a consequence of which Mr. Nivet:
- has paid a fine in the amount of $5,000;
- has been prohibited from conducting securities related business in
any capacity for a period of three months;
- shall successfully complete an ethics course acceptable to the MFDA
within one year, failing which he will be immediately suspended from
conducting securities related business while in the employ of or
associated with any MFDA Member until such time as the ethics course
has been completed; and
- has paid costs in the amount of $2,500.
In the Settlement Agreement, Mr. Nivet admitted that in October 2007 he falsified the Know Your Client ("KYC") information and client signatures on 11 KYC update forms, contrary to MFDA Rule 2.1.1.
The Hearing Panel advised that it will issue written reasons for its decision in due course. A copy of the Settlement Agreement is 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 140 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 firstname.lastname@example.org