TORONTO, ON, Sept. 28, 2021 /CNW/ - A settlement hearing in the matter of Pauline Rejeanne Arnold (the "Respondent") was held today by electronic hearing in Toronto, Ontario before a three-member Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA").
The Hearing Panel accepted the settlement agreement dated June 28, 2021 ("Settlement Agreement"), between Staff of the MFDA and the Respondent, as a consequence of which the following sanctions were imposed on the Respondent:
- a prohibition from acting as a branch manager or in a supervisory role with a Member of the MFDA for a period of six months;
- prior to acting as a branch manager or in a supervisory role in the future, the Respondent shall successfully complete a branch manager's course offered by the Canadian Securities Institute or the Investment Funds Institute of Canada;
- a fine in the amount of $5,000;
- costs in the amount of $2,500; and
- shall in the future comply with MFDA Rules 2.1.1 and 2.5.5(f).
In the Settlement Agreement, the Respondent admitted that between June 15, 2015 and September 17, 2018, the Respondent, acting in the capacity as branch manager, reviewed and approved the use of 29 pre-signed and 2 altered account forms, contrary to MFDA Rules 2.5.5(f) and 2.1.1.
A copy of the Settlement Agreement is available on the MFDA website at www.mfda.ca. During the period described in the Settlement Agreement, the Respondent conducted business in the Ottawa, Ontario area.
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 80,000 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