TORONTO, July 15 /CNW/ - A Settlement Hearing in the matter of Worldsource Financial Management Inc. ("Worldsource") was held yesterday before a Hearing Panel of the MFDA's Central Regional Council.
The Hearing Panel accepted the Settlement Agreement between Worldsource and MFDA Staff, as a consequence of which Worldsource:
- has paid a fine of $50,000;
- has paid the costs of the investigation and proceeding in the amount
of $25,000; and
- shall retain an independent monitor at its own expense to resolve
certain compliance deficiencies.
In the Settlement Agreement, Worldsource admitted that it failed to fully carry out the terms of a 2007 Agreement and Undertaking with the MFDA; that between February 2003 and November 2008, it failed to establish, implement and maintain adequate policies and procedures to address certain compliance deficiencies; and that between January 2006 and November 2008, it failed to maintain adequate records of trade supervision conducted at both the branch and head office levels, including trades reviewed and records of inquiries made, responses received and resolutions achieved.
The Hearing Panel advised that it would issue written reasons for its decision in due course. Copies of the Settlement Agreement and the Hearing Panel's Order are available on the MFDA website at www.mfda.ca.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 138 Members and their approximately 73,000 Approved Persons with a mandate to protect investors and the public interest.
SOURCE Mutual Fund Dealers Association of Canada
For further information: For further information: Shaun Devlin, Vice-President, Enforcement, 416-943-4672 or firstname.lastname@example.org