TORONTO, Oct. 10, 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 Brian Louis Poncelet (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)||between January 5, 2010 and March 5, 2012, the Respondent obtained and maintained blank pre-signed forms bearing signatures of multiple clients, contrary to MFDA Rule 2.1.1; and|
|(b)||between January 5, 2010 and August 14, 2011, the Respondent used pre-signed forms associated with the investment accounts of multiple clients to process transactions, that were either:|
|i. signed by clients prior to the completion of the forms; or|
|ii. altered in content after being signed without evidence of client consent to the changes made to the forms after the forms were signed;|
|for the purpose of processing trades or updating client KYC information for the clients, contrary to MFDA Rule 2.1.1.|
The Settlement Hearing is scheduled to take place on October 23, 2013 at 3:00 p.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.
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
For further information:
Managing Director, Enforcement