TORONTO, Feb. 21, 2012 /CNW/ - The MFDA announced today that it has
issued a Notice of Settlement Hearing regarding the presentation,
review and consideration of a proposed settlement agreement by a
Hearing Panel of the MFDA's Central Regional Council.
The settlement agreement will be between Staff of the MFDA and Anu Bala
Jain (the "Respondent") and involves matters for which the Respondent
may be disciplined by a Hearing Panel pursuant to MFDA By-laws. The
proposed settlement agreement concerns allegations that:
the Respondent allowed an unregistered individual to conduct securities
related business using her representative code, thereby, facilitating
stealth advising; failing to fulfill her obligations to ensure that
investment recommendations made to her clients were suitable; and
failing in her capacity as branch manager to ensure that branch
business was conducted in compliance with regulatory requirements,
contrary to MFDA Rules 1.1.1(c), 2.1.1, 2.2.1 and 2.5.3(b); and
in response to a client complaint, the Respondent made false and
misleading statements and omitted to provide relevant information
during investigations of her conduct by two Members and by MFDA Staff,
contrary to MFDA Rule 2.1.1 and s. 22.1 of MFDA By-law No. 1.
The settlement hearing is scheduled to take place on February 27, 2012
commencing at 10:00 a.m. (Eastern) in the MFDA hearing room located at
121 King Street West, Suite 1000, Toronto, Ontario. The hearing will be
open to the public, except as may be required for the protection of
A copy of the Notice of Settlement Hearing 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 125 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
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