TORONTO, Oct. 9 /CNW/ - A Settlement Hearing in the matter of Professional Investment Services (Canada) Inc. (the "Respondent") was held today in Calgary, Alberta before a Hearing Panel of the Prairie Regional Council of the Mutual Fund Dealers Association of Canada (the "MFDA").
The Hearing Panel accepted the Settlement Agreement between the Respondent and MFDA Staff, as a consequence of which the Respondent:
- Has paid a fine in the amount of $50,000;
- Has paid the costs of the proceeding in the amount of $25,000; and
- Shall retain an independent monitor at its expense to resolve all
existing compliance deficiencies and any deficiencies that the
independent monitor identifies during its review.
The Hearing Panel 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 145 Members and their approximately 75,000 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 email@example.com