TORONTO, Feb. 21, 2012 /CNW/ - The MFDA announced today 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 Anu Bala Jain (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:
|a)||the Respondent allowed an unregistered individual to conduct securities related business using her representative code, thereby, facilitating stealth advising; failing to fulfill her obligations to ensure that investment recommendations made to her clients were suitable; and failing in her capacity as branch manager to ensure that branch business was conducted in compliance with regulatory requirements, contrary to MFDA Rules 1.1.1(c), 2.1.1, 2.2.1 and 2.5.3(b); and|
|b)||in response to a client complaint, the Respondent made false and misleading statements and omitted to provide relevant information during investigations of her conduct by two Members and by MFDA Staff, contrary to MFDA Rule 2.1.1 and s. 22.1 of MFDA By-law No. 1.|
The settlement hearing is scheduled to take place on February 27, 2012 commencing at 10:00 a.m. (Eastern) 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.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 125 Members and their approximately 75,000 Approved Persons with a mandate to protect investors and the public interest.
For further information:
416-943-4672 or [email protected]