TORONTO, Feb. 28, 2020 /CNW/ - A Hearing Panel of the Atlantic Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA") has issued its Decision and Reasons (Misconduct) dated February 27, 2020 ("Decision and Reasons") in connection with a disciplinary hearing held in Halifax, Nova Scotia on November 20-21, 2019 in the matter of Peter Anthony Varteresian ("Respondent").
In its Decision and Reasons, the Hearing Panel outlined its finding of misconduct made against the Respondent. In particular:
a) in or about July 2015, the Respondent failed to use due diligence to learn or update material changes to client GR's Know-Your-Client information, contrary to MFDA Rules 2.2.1, 2.2.4(b) and 2.1.1.
Submissions with respect to sanctions will take place before the Hearing Panel on a date to be determined and announced accordingly.
A copy of the Decision and Reasons (Misconduct) is available on the MFDA website at www.mfda.ca. During the period described in the Decision and Reasons (Misconduct), the Respondent conducted business in Halifax, Nova Scotia.
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 81,000 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, Managing Director, Litigation, 416-943-4619, [email protected]