TORONTO, June 30, 2017 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") has commenced disciplinary proceedings in respect of Donald Wayne O'Connor ("Respondent"). In its Notice of Hearing dated May 16, 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 April 2011 and June 2015, the Respondent obtained, possessed, and used to process transactions, 189 pre-signed account forms in respect of 26 clients, contrary to MFDA Rule 2.1.1.
Allegation #2: In July 2015, the Respondent failed to comply with the Member's policies and procedures by failing to record and maintain evidence of client trade instructions with respect to 2 transactions in respect of 2 clients, contrary to MFDA Rules 2.5.1, 1.1.2, and 2.1.1.
The first appearance in this proceeding will take place by teleconference before a Hearing Panel of the MFDA's Prairie Regional Council on August 14, 2017 at 10:30 a.m. (Mountain), or as soon thereafter as the appearance can be held, to schedule a date for the commencement of the hearing on the 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 Hearing on the Merits will take place in Calgary, Alberta at a time and venue to be announced.
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