TORONTO, Dec. 9, 2015 /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 24, 2015 in the matter of HollisWealth Advisory Services Inc. (the "Respondent"). The Reasons for Decision relate to the Hearing Panel's acceptance of the settlement agreement (the "Settlement Agreement") entered into between the Respondent and Staff of the MFDA. In its Reasons for Decision dated December 8, 2015, the Hearing Panel confirmed the following sanctions imposed on the Respondent:
- has paid a fine in the amount of $200,000;
- will report to MFDA Staff on the execution of the Remediation Plan (as described in the Settlement Agreement) by no later than January 30, 2016, and thereafter to ensure the Remediation Plan is completed satisfactorily;
- will report to MFDA Staff on the status of internal discipline imposed on its Approved Persons (as described in the Settlement Agreement) to ensure the requirements are completed satisfactorily; and
- will donate the internal fines imposed on its Approved Persons (as described in the Settlement Agreement) to charity.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 102 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]