TORONTO, Nov. 29 /CNW/ - The Mutual Fund Dealers Association of Canada
("MFDA") today announced that it has issued a second Notice of Settlement
Hearing regarding the presentation, review and considerations of a proposed
settlement agreement by the Pacific Regional Council.
The settlement agreement will be between staff of the MFDA and Berkshire
Investment Group Inc. ("Berkshire") and involves matters for which Berkshire
may be disciplined by the Regional Council, pursuant to MFDA By-laws.
The subject matter of the proposed settlement agreement concerns
allegations that Berkshire failed to conduct reasonable supervisory
investigations of the activities of former Approved Person, Ian Gregory Thow,
and to take such reasonable supervisory and disciplinary measures as would be
warranted by the results of its investigations, contrary to MFDA Rules 2.5.1,
2.1.1(c) and the public interest.
At the first settlement hearing held on October 22, 2007, the Hearing
Panel declined to approve an earlier settlement agreement entered into between
staff of the MFDA and Berkshire concerning the same subject matter. Following
that hearing, the MFDA and Berkshire were free to attempt to reach a different
settlement or the MFDA could issue a Notice of Hearing under sections 20 and
24 of MFDA By-law No. 1 in respect of the events that were the subject of the
The second settlement hearing is scheduled to commence at 1:00 p.m.
(Vancouver) on Thursday, December 13, 2007 in the Hearing Room located at the
Wosk Centre for Dialogue, 580 West Hastings Street, Vancouver, British
Columbia. The hearing is open to the public except as may be required for the
protection of confidential matters. A copy of the second Notice of Settlement
Hearing is available on the MFDA website at www.mfda.ca.
The Mutual Fund Dealers Association of Canada is the self-regulatory
organization for Canadian mutual fund dealers. The MFDA regulates the
operations; standards of practice and business conduct of its 161 Members and
their approximately 75,000 Approved Persons with a mandate to protect
investors and the public interest.
For previous press releases in this matter, see:
For further information:
For further information: Shaun Devlin, Vice-President, Enforcement,
(416) 943-4672 or email@example.com