This is a Third Party Document.
IN THE MATTER OF A DISCIPLINARY HEARING PURSUANT TO SECTIONS 20 AND 24 OF BY-LAW NO. 1 OF THE MUTUAL FUND DEALERS ASSOCIATION OF CANADA
NOTICE is hereby given that a first appearance will take place by teleconference before a hearing panel of the Pacific Regional Council (“Hearing Panel”) of the Mutual Fund Dealers Association of Canada (“MFDA”) in the hearing room at the offices of the MFDA, located at 650 West Georgia Street, Suite 1220, Vancouver, British Columbia on April 6, 2017 at 10:00 a.m. (Pacific), concerning a disciplinary proceeding commenced by the MFDA against Chun-Yi Tay (the “Respondent”). The Hearing on the Merits will take place in Vancouver, British Columbia at a time and venue to be announced.
DATED: Feb 8, 2017
Director of Regional Councils
Mutual Fund Dealers Association of Canada
121 King St. West, Suite 1000
Toronto, ON M5H 3T9
NOTICE is further given that the MFDA alleges the following violations of the By-laws, Rules or Policies of the MFDA:
Allegation #1: Between May 26, 2015 and June 3, 2015, the Respondent processed two redemptions in the total amount of $51,200 USD based upon email instructions received from a third party who gained unlawful access to a client’s email account and subsequently misappropriated the proceeds of the redemptions, thereby failing to comply with the Member’s policies and procedures that prohibited its Approved Persons from accepting instructions from clients by email, contrary to MFDA Rules 1.1.2, 2.5.1, and 2.1.1.
Allegation #2: On or about June 3, 2015, the Respondent falsely represented to the Member that she had spoken with a client to confirm the client’s instructions to process a transaction, thereby failing to observe high standards of ethics and conduct in the transaction of business, contrary to MFDA Rule 2.1.1.