TORONTO, March 29, 2017 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") has commenced disciplinary proceedings in respect of Chun-Yi Tay (the "Respondent"). In its Notice of Hearing dated February 8, 2017, Staff of the MFDA alleges that the Respondent engaged in the following conduct contrary to the By-laws, Rules and/or Policies of the MFDA:
Allegation #1: Between May 26, 2015 and June 3, 2015, the Respondent processed two redemptions in the total amount of $51,200 USD based upon email instructions received from a third party who gained unlawful access to a client's email account and subsequently misappropriated the proceeds of the redemptions, thereby failing to comply with the Member's policies and procedures that prohibited its Approved Persons from accepting instructions from clients by email, contrary to MFDA Rules 1.1.2, 2.5.1, and 2.1.1.
Allegation #2: On or about June 3, 2015, the Respondent falsely represented to the Member that she had spoken with a client to confirm the client's instructions to process a transaction, thereby failing to observe high standards of ethics and conduct in the transaction of business, contrary to MFDA Rule 2.1.1.
The first appearance in this proceeding will be held by teleconference before a Hearing Panel of the MFDA's Pacific Regional Council on April 6, 2017 at 10:00 a.m. (Pacific), or as soon thereafter as the appearance can be held, in order to schedule a date for the commencement of the hearing on the merits and to address any other procedural matters. The first appearance will take place at the MFDA offices, located at 650 West Georgia Street, Suite 1220, Vancouver, British Columbia, and will be open to the public, except as may be required for the protection of confidential matters. The hearing on the merits will take place in Vancouver, British Columbia at a time and venue to be announced.
A copy of the Notice of Hearing is available on the MFDA website at www.mfda.ca. During the period described in the Notice of Hearing, the Respondent carried on business in the Richmond, British Columbia area.
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 83,000 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