TORONTO, Jan. 25, 2013 /CNW/ - The MFDA commenced a disciplinary proceeding in respect of Christophe Xavier Taylor by Notice of Hearing dated July 20, 2012.
The hearing of this matter on its merits took place yesterday in Calgary, Alberta before a Hearing Panel of the MFDA's Prairie Regional Council. Following submissions from the parties, the Hearing Panel found that the misconduct described in Allegations 2, 4(b) and 4(c) in the Notice of Hearing had been established and imposed the following penalties and costs on Mr. Taylor:
- a fine of $15,000;
- costs of $5,000;
- a two-year suspension from conducting securities related business while in the employ of, or associated with, any MFDA Member;
- Mr. Taylor shall divest himself completely and irrevocably of any and all of his holdings and investments in Asian Coast Development (Canada) Ltd. by transferring them to an arm's length third party and provide written confirmation of same to MFDA Staff; and
- Mr. Taylor shall pass an appropriate industry course on ethics acceptable to MFDA Staff prior to being re-registered in the mutual fund industry.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 115 Members and their approximately 80,000 Approved Persons with a mandate to protect investors and the public interest.
SOURCE: Mutual Fund Dealers Association of Canada
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