TORONTO, Sept. 24, 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 Shawn Bolt (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 at least 2009 and November 23, 2010, the Respondent obtained and maintained 246 pre-signed forms for 61 clients and used pre-signed forms to process transactions in client accounts, thereby:|
|(i) engaging in conduct unbecoming an Approved Person, contrary to MFDA Rule 2.1.1(c); and|
|(ii) failing to comply with the Member's policies and procedures, contrary to MFDA Rules 1.1.2 and 2.5.1 and MFDA Rule 2.1.1; and|
|(b)||Between at least 2009 and November 23, 2010, the Respondent delayed, at his discretion, the processing of transactions in client accounts, thereby failing to:|
|(i) process trades in client accounts on a timely basis, contrary to subsections 9.1(1) and (2) and 10.2(1) and (2) of National Instrument 81-102 and MFDA Rule 2.1.1; and|
|(ii) comply with the Member's policies and procedures, contrary to MFDA Rules 1.1.2 and 2.5.1 and MFDA Rule 2.1.1.|
The Settlement Hearing is scheduled to take place on September 25, 2013 at 10:00 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.
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