TORONTO, Jan. 8, 2013 /CNW/ - The MFDA today announced 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 Prairie Regional Council.
The settlement agreement will be between Staff of the MFDA and Portfolio
Strategies Corporation (the "Respondent") and involves matters for
which the Respondent may be disciplined by a Hearing Panel pursuant to
The proposed agreement concerns allegations that, between December 1,
2006 and April 2009:
the Respondent's head office compliance staff failed to adequately
supervise some trades; and
the Respondent failed to establish adequate policies and procedures to
supervise leveraging recommendations, and also failed to maintain, in
respect of some leveraged trades, adequate records of trade
supervision, including records of trades reviewed, inquiries made,
responses received and resolutions achieved.
The settlement hearing is scheduled to take place on January 18, 2013 at
11:00 a.m. (Mountain) in the hearing room located at the Calgary TELUS
Convention Centre - North Building, 120 Ninth Avenue SE, Calgary,
Alberta. The hearing will be open to the public, except as may be
required for the protection of confidential matters.
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 116 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:
416-943-4672 or email@example.com