TORONTO, Aug. 23, 2018 /CNW/ - A Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA") has issued its Reasons for Decision dated August 22, 2018 in connection with a settlement hearing held in Toronto, Ontario on June 20, 2018 in the matter of Equity Associates Inc. ("Respondent").
In its Reasons for Decision, the Hearing Panel confirmed the sanctions imposed on the Respondent. In particular, the Respondent:
- shall pay a fine in the amount of $125,000 ("Fine");
- has paid costs in the amount of $20,000 ("Costs");
- payment of the Fine shall be made to and received by MFDA Staff in certified funds as follows:
- $82,500 (Fine and Costs) upon the acceptance of the Settlement Agreement;
- $62,500 (Fine) no later than six months after the acceptance of the Settlement Agreement; and
- shall in the future comply with MFDA Rules 2.2.1, 2.2.2, 2.2.3, 2.5.1, 2.9, 2.10 and 5.1, and MFDA Policy No. 2 and No. 3.
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 82,000 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, [email protected]