TORONTO, Aug. 19 /CNW/ - The Mutual Fund Dealers Association of Canada
("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 De Thomas
Financial Corp. (the "Respondent") and involves matters for which the
Respondent may be disciplined by a Hearing Panel pursuant to MFDA By-laws.
The subject matter of the proposed settlement agreement concerns
allegations that the Respondent failed to:
(a) implement and maintain a two-tier account supervision structure,
contrary to MFDA Rule 2.5 and MFDA Policy No. 2;
(b) conduct adequate trade supervision, contrary to MFDA Rule 2.5.4
and MFDA Policy No. 2; and
(c) obtain adequate Know-Your-Client and suitability information for
each client account, contrary to MFDA Rules 2.2.1 and 2.2.2 and
MFDA Policy No. 2.
The settlement hearing is scheduled to commence at 10:00 a.m. (Eastern)
on September 3, 2009 in the Hearing Room in the MFDA offices located at 121
King Street West, Suite 1000, Toronto, Ontario. The hearing is 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
The MFDA is the self-regulatory organization for Canadian mutual fund
dealers, regulating the operations, standards of practice and business conduct
of its 145 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