April 2, 2019 (Toronto, Ontario) – A settlement hearing in the matter of Emily Yu (“Respondent”) was held today in Vancouver, British Columbia before a Hearing Panel of the Pacific Regional Council of the Mutual Fund Dealers Association of Canada (“MFDA”).
The Hearing Panel approved the settlement agreement dated March 21, 2019 (“Settlement Agreement”) between Staff of the MFDA and the Respondent, as a consequence of which the following sanctions were imposed on the Respondent:
- has paid costs in the amount of $1,500;
- shall successfully complete the Conduct and Practices Handbook course offered by the Canadian Securities Institute within six months of the acceptance of the Settlement Agreement;
- should the Respondent not complete the Conduct and Practices Handbook course, then without further notice to the Respondent, the Respondent shall summarily be prohibited from conducting securities related business until such time as the Conduct and Practices Handbook course is completed; and
- shall in the future comply with MFDA Rule 2.1.1.
In the Settlement Agreement, the Respondent admitted that in or around October 2015, she altered two account forms in respect of one client by altering information on the account forms without having the client initial the alterations, contrary to MFDA Rule 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 Vancouver, British Columbia 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 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.