TORONTO, Oct. 7, 2016 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") commenced a disciplinary proceeding in respect of Gurpreet Singh Bansal (the "Respondent") by Notice of Hearing (the "Notice of Hearing") dated August 23, 2016.
The hearing of this matter on its merits took place on October 6, 2016 in Vancouver, British Columbia before a Hearing Panel of the MFDA's Pacific Regional Council. Prior to the hearing, the parties filed an Agreed Statement of Facts (the "Agreed Statement of Facts") in which the Respondent admitted to facts constituting contraventions of MFDA By-laws, Rules or Policies, for which he could be penalized by a Hearing Panel pursuant to section 24.1 of MFDA By-law No. 1. In particular, the Respondent admitted that, between July 12, 2012 and December 10, 2013, he obtained and maintained 87 pre-signed account forms for 37 clients, contrary to MFDA Rule 2.1.1.
Following submissions from the parties with respect to penalty, the Hearing Panel imposed the following sanctions on the Respondent and advised that it will issue written reasons in due course:
- a fine in the amount of $12,500; and
- costs in the amount of $2,500.
Copies of the Notice of Hearing and the Agreed Statement of Facts are available on the MFDA website at www.mfda.ca. During the period described in the Agreed Statement of Facts, the Respondent carried on business in Kelowna, British Columbia.
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