TORONTO, Dec. 10, 2013 /CNW/ - A Settlement Hearing in the matter Angie Sau Chu Lau (the "Respondent") was held today in Toronto, Ontario before a three-person Hearing Panel of the MFDA's Central Regional Council.
The Hearing Panel accepted the Settlement Agreement between MFDA Staff and the Respondent, as a consequence of which the Respondent has paid a fine of $2,500 and $2,500 in costs. In the Settlement Agreement, the Respondent admitted that on or about October 6, 2011, she paid compensation directly to client MS to settle the client's complaint, without obtaining the prior written consent of the Member, contrary to MFDA Policy No. 3 and MFDA Rule 2.1.1(a).
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 113 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:
Managing Director, Enforcement