TORONTO, Oct. 1, 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 July 24, 2015 in the matter of Sun Life Financial Investment Services (Canada) 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 October 1, 2015, the Hearing Panel confirmed the following sanctions imposed on the Respondent:
- a fine in the amount of $50,000;
- costs in the amount of $20,000; and
- shall in the future comply with MFDA Rule 2.5.1, and MFDA Policy No. 5.
In the Settlement Agreement, the Respondent admitted that between July 24, 2006 and June 2014, it did not conduct an on-site compliance review of every sub-branch location at least once every three (3) years, contrary to MFDA Policy No. 5 and MFDA Rule 2.5.1.
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 as a Mutual Fund Dealer in every Canadian province/territory, with its head office in Waterloo, Ontario.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 103 Members and their over 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: Charles Toth, Director, Litigation, 416-943-4619, [email protected]