TORONTO, May 1, 2019 /CNW/ - Today the MFDA released its 2018 Annual Enforcement Report which highlights the MFDA's enforcement activities in combating unsuitable investment recommendations, falsification, unauthorized outside business activities and other securities regulatory breaches.
"I am pleased to present the Annual Enforcement Report for 2018 which highlights a significant increase in enforcement activity over the past year and demonstrates the MFDA's continued commitment to protect investors and hold those who breach MFDA rules accountable for their misconduct," said MFDA President and CEO Mark Gordon.
The report includes information about how the MFDA Enforcement Department operates, its key achievements, and describes significant disciplinary cases completed in 2018.
Highlights of the MFDA's 2018 Annual Enforcement Report include:
- 136 proceedings commenced in 2018 which is the highest number of proceedings commenced by the MFDA in any year to date. The previous highest number of proceedings commenced in a year was 121 in 2017.
- Concluded hearings resulted in 19 permanent prohibitions and 41 suspensions against Approved Persons and total fines of $6,080,031 and $592,000 in costs against Members and Approved Persons.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its Members and their approximately 81,000 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
Renseignements: Ian Strulovitch, Director, Public Affairs, (416) 943-7425 or email@example.com