TORONTO, Nov. 7 /CNW/ - The Mutual Fund Dealers Association of Canada
("MFDA") today announced that it has commenced disciplinary proceedings
against Paul Edward Lloyd.
MFDA staff alleges in its Notice of Hearing that Mr. Lloyd engaged in the
following conduct contrary to the By-laws, Rules or Policies of the MFDA:
Allegation No.1: Between November 2004 and August 2005, the Respondent,
as a designated branch manager of the Member, failed to ensure that all
business conducted on behalf of the Member by an Approved Person at the
branch was in compliance with applicable securities legislation and the
By-laws and Rules of the MFDA, contrary to MFDA Rule 2.5.3(b) and MFDA
Allegation No.2: Between November 2004 and August 2005, the Respondent,
as a designated branch manager of the Member, failed to disclose to the
Member the referral arrangement and unauthorized business activity of an
Approved Person under his supervision and concealed such arrangement and
activity by instructing an alternate branch manager to submit false or
misleading information to the Member, contrary to MFDA Rules 2.5.3(b),
2.1.1(b) and (c).
Allegation No.3: Commencing January 2007, the Respondent failed to
produce bank records relevant to matters being investigated by the MFDA
and failed to attend an interview and give information respecting those
matters, contrary to section 22.1 of MFDA By-law No. 1.
The first appearance in this matter will take place by teleconference
before a Hearing Panel of the MFDA Central Regional Council in the Hearing
Room located at the offices of the MFDA, 121 King Street West, Suite 1000,
Toronto, Ontario on Thursday, December 6, 2007 at 10:00 a.m. (Eastern) or as
soon thereafter as can be held.
The purpose of the first appearance is to schedule the date for the
commencement of the hearing on its merits and to address any other procedural
The first appearance is open to the public, except as may be required for
the protection of confidential matters. Members of the public attending the
first appearance will be able to listen to the proceeding by teleconference.
A copy of the Notice of Hearing is available on the MFDA website at
The Mutual Fund Dealers Association of Canada is the self-regulatory
organization for Canadian mutual fund dealers. The MFDA regulates the
operations, standards of practice and business conduct of its 162 Members and
their approximately 75,000 Approved Persons with a mandate to protect
investors and the public interest.
For further information:
For further information: Shaun Devlin, Vice-President, Enforcement,
(416) 943-4672 or firstname.lastname@example.org