TORONTO, Dec. 11, 2017 /CNW/ - A Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA") has issued its Reasons for Decision in connection with a settlement hearing held in Toronto, Ontario on November 30, 2017 in the matter of Gabrijela Mihajlovic ("Respondent").
In its Reasons for Decision dated December 8, 2017, the Hearing Panel confirmed the sanctions imposed on the Respondent. In particular, the Respondent:
- has been prohibited from conducting securities related business in any capacity while in the employ of or associated with any MFDA Member for a period of one (1) year;
- shall pay a fine in the amount of $5,000, payable as follows:
- $1,700 payable on or before the date of the settlement hearing;
- $1,700 payable no later than two (2) months from the date that the Settlement Agreement is accepted by the Hearing Panel;
- $1,600 payable no later than four (4) months from the date that the Settlement Agreement is accepted by the Hearing Panel;
- shall in the future comply with all MFDA By-laws, Rules and Policies, and all applicable securities legislation and regulations made thereunder, including MFDA Rules 2.1.1, 2.1.4, 2.5.1 and 1.1.2.
In the Settlement Agreement dated August 30, 2017, the Respondent admitted that on or about August 22, 2014, she borrowed $5,000 from a client, thereby engaging in conduct giving rise to a conflict or potential conflict of interest which she failed to address by the exercise of responsible business judgment influenced only by the best interests of the client, contrary to the policies and procedures of the Member and MFDA Rules 2.1.1, 2.1.4, 2.5.1 and 1.1.2.
Copies of the Reasons for Decision and the Settlement Agreement are available on the MFDA website at www.mfda.ca. During the period described in the Reasons for Decision, the Respondent carried on business in the Greater Toronto Area.
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 83,000 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]