TORONTO, July 24 /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 considerations of a proposed settlement
agreement by the Central Regional Council.
The settlement agreement will be between staff of the MFDA and Sterling
Mutuals Inc. and involves matters for which Sterling Mutuals may be
disciplined by the Regional Council, pursuant to MFDA By-laws.
The subject matter of the proposed settlement agreement concerns
allegations that between January 2003 and February 2006, the Respondent failed
to establish, implement and maintain policies and procedures to ensure that
the handling of its business was in accordance with MFDA Rules 1.1.7, 2.5.4,
5.3.3 and MFDA Policy 2.
The Settlement Agreement also concerns allegations that, between January
2003 and February 2006, the Respondent (i) failed to establish, implement and
maintain a two-tier compliance structure to supervise client account activity;
and (ii) prevented its branch managers from discharging their supervisory
responsibilities by failing to establish, implement and maintain a two-tier
The settlement hearing is scheduled to commence at 10:00 a.m. (Eastern)
on Thursday, August 21, 2008 in the Hearing Room 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 www.mfda.ca.
The Mutual Fund Dealers Association of Canada is the self-regulatory
organization for Canadian mutual fund dealers. The MFDA regulates the
operations; standards of practice and business conduct of its 158 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