TORONTO, Oct. 18, 2013 /CNW/ - The Mutual Fund Dealers Association of
Canada ("MFDA") today announced that it has issued a Notice of
Application pursuant to section 24.3 of MFDA By-law No. 1 in respect of
MonArc Money Solutions Inc. ("MonArc"), a Member of the MFDA.
The Notice of Application states that MFDA Staff will be seeking an
Order from a Hearing Panel of the MFDA's Central Regional Council
granting certain relief, including:
an immediate suspension of MonArc's rights and privileges of membership
in the MFDA, including its authority to conduct securities related
business, on such terms and conditions as the Hearing Panel considers
MonArc shall immediately cease dealing with the public other than as may
be reasonably necessary to comply with any Order made by the Hearing
MonArc shall provide such cooperation and assistance to MFDA Staff as is
necessary to ensure MonArc's orderly resignation, including the prompt
and orderly transfer of MonArc's clients; and
MonArc shall immediately provide MFDA Staff with a list of its clients,
including their contact information.
The application will be heard by the Hearing Panel on October 25, 2013
at 10:00 a.m. (Eastern), or as soon thereafter as the appearance can be
held, in the MFDA hearing room located at 121 King Street West, Suite
1000, Toronto, Ontario. The appearance will be open to the public,
except as may be required for the protection of confidential matters.
A copy of the Notice of Application 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 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