TORONTO, Aug. 8, 2016 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") has commenced disciplinary proceedings in respect of Robert Kenneth Phillips (the "Respondent"). In its Notice of Hearing dated June 17, 2016, 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 2010 and December 2014, the Respondent recommended, sold, referred, or facilitated the sale of an exempt security to at least 43 clients outside of the Member, thereby engaging in:
a) securities related business that was not carried on for the account and through the facilities of the Member, contrary to MFDA Rules 1.1.1 and 2.1.1; and/or
b) a referral arrangement which did not comply with sections 13.7 to 13.10 of National Instrument 31-103.
Allegation #2: Between June 2010 and December 2014, Respondent recommended, sold, referred, or facilitated the sale of an exempt security to at least 43 clients outside of the Member, thereby engaging in a dual occupation which was not disclosed to and approved by the Member, contrary to MFDA Rules 1.2.1(c) (formerly, MFDA Rule 1.2.1(d)) and 2.1.1.
Allegation #3: Commencing in April 2015, the Respondent failed to cooperate with an investigation conducted by MFDA Staff, contrary to section 22.1 of MFDA By-law No. 1 and MFDA Rule 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 25, 2016 at 10:00 a.m. (Mountain), or as soon thereafter as the matter can be heard, 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 in the hearing room at the offices of the MFDA, located at 800 - 6th Avenue S.W., Suite 850, Calgary, Alberta, 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 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
For further information: Charles Toth, Director, Litigation, 416-943-4619, firstname.lastname@example.org; Mark Stott, Vice-President, Prairie Region, 403-215-8329, email@example.com