TORONTO, Feb. 12, 2013 /CNW/ - A Settlement Hearing in the matter of Peiqing (Anna) He (the "Respondent") was held January 22, 2013 in Toronto, Ontario before a Hearing Panel of the MFDA's Central Regional Council. The Hearing Panel accepted the Settlement Agreement between MFDA Staff and the Respondent and approved certain terms of settlement, namely the imposition of sanctions and costs on the Respondent.
On February 8, 2013, the Hearing Panel reconvened at the request of MFDA staff and the Respondent to consider submissions with respect to the terms of settlement approved by the Hearing Panel on January 22, 2013. Following the submissions of MFDA staff, made with the consent of the Respondent, the Hearing Panel revised the original terms of settlement as follows:
- a permanent prohibition from conducting securities related business while in the employ of or associated with any Member of the MFDA (in place of a 5-year suspension and a $5,000 fine); and
- costs of $5,000.
The Settlement Agreement dated January 17, 2013 remains unchanged. In the Settlement Agreement, the Respondent admitted that, from August 2008 to February 2009, she engaged in securities related business that was not carried on for the account and through the facilities of the Member by referring the sale of an investment product to four individuals outside the Member, contrary to MFDA Rules 1.1.1(a) and 2.1.1.
The Hearing Panel will issue written reasons for its decision and a formal Order replacing its January 22, 2013 Order in due course. A copy of the Settlement Agreement is available on the MFDA website at www.mfda.ca.
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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