TORONTO, Nov. 25, 2013 /CNW/ - The MFDA today announced that it has issued a Notice of Settlement Hearing regarding the presentation, review and consideration of a proposed settlement agreement by a Hearing Panel of the MFDA's Central Regional Council.
The settlement agreement will be between Staff of the MFDA and Angie Sau Chu Lau (the "Respondent") and involves matters for which the Respondent may be disciplined by a Hearing Panel pursuant to MFDA By-laws.
The proposed settlement agreement concerns allegations that, on or about October 6, 2011, the Respondent paid compensation directly to a client to settle the client's complaint without obtaining the prior written consent of the Member, contrary to MFDA Policy No. 3 and MFDA Rule 2.1.1(a).
The Settlement Hearing is scheduled to take place on December 10, 2013 at 11:00 a.m. (Eastern), or as soon thereafter as the hearing can held, in the MFDA hearing room located at 121 King Street West, Suite 1000, Toronto, Ontario. The hearing will be open to the public, except as may be required for the protection of confidential matters.
A copy of the Notice of Settlement Hearing is available on the MFDA website at www.mfda.ca. During the period described in the Notice of Settlement Hearing, the Respondent carried on business in the Ottawa, Ontario area.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 114 Members and their approximately 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:
Managing Director, Enforcement