TORONTO, Oct. 30, 2013 /CNW/ - The penalty phase of a disciplinary hearing in the matter of Zhengwen (Katherine) Qi and Xiaodan (Bonnie) Huang (collectively, "the Respondents"), was held today in Toronto, Ontario before a three-member Hearing Panel of the MFDA's Central Regional Council.
The Hearing Panel determined that the following penalties and costs are appropriate in the circumstances and advised that it will issue written reasons for its decision in due course:
- the Respondents are prohibited from conducting securities related business in any capacity while in the employ of or associated with any MFDA Member for a period of six (6) months commencing October 30, 2013;
- the Respondents shall successfully complete the Canadian Investment Funds Exam (IFIC) prior to re-registration with an MFDA Member;
- the Respondents shall pay a fine of $20,000; and
- the Respondents shall pay costs of $5,000.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 115 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