TORONTO, May 11 /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 Pacific Regional Council.
The settlement agreement will be between staff of the MFDA and Douglas Bryan Ruemper and involves matters for which Mr. Ruemper may be disciplined by a Hearing Panel pursuant to MFDA By-laws. The subject matter of the proposed settlement agreement concerns allegations that Mr. Ruemper:
(a) engaged in personal financial dealings with a client;
(b) failed to comply with client complaint handling and reporting
(c) had and continued in gainful occupations that were not disclosed to
and approved by the Member;
(d) engaged in securities related business that was not carried on for
the account of, or through the facilities of, the Member;
(e) failed to ensure that a conflict or potential conflict of interest
between his interests and of five clients were addressed by the
exercise of responsible judgment influenced only by the best
interests of the clients; and
(f) failed to comply with the Member's policies and procedures.
The settlement hearing is scheduled to commence at 10:00 a.m. (Pacific) on May 25, 2010 in the Hearing Room located at the Fairmont Waterfront Vancouver, 900 Canada Way Place, Vancouver, British Columbia. 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.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 140 Members and their approximately 73,000 Approved Persons with a mandate to protect investors and the public interest.
SOURCE Mutual Fund Dealers Association of Canada
For further information: For further information: Shaun Devlin, Vice-President, Enforcement, (416) 943-4672, or firstname.lastname@example.org