TORONTO, Dec. 10, 2013 /CNW/ - A Settlement Hearing in the matter Angie
Sau Chu Lau (the "Respondent") was held today in Toronto, Ontario
before a three-person Hearing Panel of the MFDA's Central Regional
The Hearing Panel accepted the Settlement Agreement between MFDA Staff
and the Respondent, as a consequence of which the Respondent has paid a
fine of $2,500 and $2,500 in costs. In the Settlement Agreement, the
Respondent admitted that on or about October 6, 2011, she paid
compensation directly to client MS to settle the client's complaint,
without obtaining the prior written consent of the Member, contrary to
MFDA Policy No. 3 and MFDA Rule 2.1.1(a).
The Hearing Panel advised that it 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 113 Members and their approximately 80,000 Approved
Persons with a mandate to protect investors and the public interest.
For more information about the MFDA's complaint and enforcement
processes, as well as links to 'Check an Advisor' and other Investor
Tools, visit the For Investors page on the MFDA website.
SOURCE: Mutual Fund Dealers Association of Canada
For further information:
Managing Director, Enforcement