TORONTO, Aug. 7, 2020 /CNW/ – The Mutual Fund Dealers Association of Canada (“MFDA”) announced that it has issued a Notice of Settlement Hearing dated August 5, 2020 (“Notice of Settlement Hearing”) regarding the presentation, review and consideration of a proposed settlement agreement by a Hearing Panel of the MFDA’s Prairie Regional Council.
The settlement agreement will be between Staff of the MFDA and Portfolio Strategies Corporation (“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:
- the Respondent did not establish, implement and maintain adequate policies and procedures with respect to trade and account supervision, contrary to MFDA Rules 2.5.1, 2.2.1, 5.1, and MFDA Policy No. 2;
- the Respondent failed to establish and implement an adequate branch review program as required by MFDA Rule 2.5.1 and MFDA Policy No. 5; and
- the Respondent did not maintain evidence of nominee name reconciliations that were completed, contrary to MFDA Rules 2.9 and 5 and MFDA Policy No. 4.
The settlement hearing is to take place by electronic hearing on August 17, 2020 at 10:00 a.m. (Mountain), or as soon thereafter as the matter can be held. Members of the public who would like to participate should contact [email protected] to obtain particulars.
MFDA settlement hearings are typically held in the absence of the public pursuant to section 20.5 of MFDA By-law No. 1 and Rule 15.2(2) of the MFDA Rules of Procedure. If the Hearing Panel accepts the settlement agreement, then the proceeding will become open to the public and a copy of the decision of the Hearing Panel and the settlement agreement will be made available 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 Members and their approximately 81,000 Approved Persons with a mandate to protect investors and the public interest. For more information about the MFDA’s complaint and enforcement processes, as well as links to ‘Check an Advisor’ and other Investor Tools, visit the For Investors page on the MFDA website.
SOURCE Mutual Fund Dealers Association of Canada