TORONTO, July 9, 2014 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") has commenced a disciplinary proceeding in respect of David Bruce Emery (the "Respondent"). In its Notice of Hearing dated June 17, 2014, 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 June 22, 2010 and October 5, 2011, the Respondent referred 8 individuals, at least 3 of whom were clients, to a company that sold mortgage investment products and received at least $16,750 in referral fees for doing so, thereby participating in a referral arrangement to which the Member was not a party and which did not otherwise comply with:
i) sections 13.7 to 13.10 of National Instrument 31-103; and
ii) MFDA Rule 2.4.2.
The first appearance in this matter will take place by teleconference before a Hearing Panel of the MFDA's Central Regional Council on August 11, 2014 at 10:00 a.m. (Eastern) in the MFDA hearing room located at 121 King Street West, Suite 1000, Toronto, Ontario. The purpose of the appearance is to set a date for the hearing of this matter on its merits and to address any other procedural matters. The appearance will be open to the public, except as may be required for the protection of confidential matters.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 110 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: Hugh Corbett, Managing Director, Enforcement, 416-943-4685, [email protected]