File No. 201876
IN THE MATTER OF A SETTLEMENT HEARING PURSUANT TO SECTION 24.4 OF BY-LAW NO. 1 OF THE MUTUAL FUND DEALERS ASSOCIATION OF CANADA
Re: Excel Private Wealth Inc.
NOTICE OF SETTLEMENT HEARING
NOTICE is hereby given that a hearing will be held before a hearing panel of the Central 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 121 King Street West, Suite 1000, Toronto, Ontario on September 6, 2018 at 10:00 a.m. (Eastern), or as soon thereafter as the matter can be heard, to consider whether, pursuant to section 24.4 of By-law No. 1 of the MFDA, the Hearing Panel should accept the settlement agreement (“Settlement Agreement”) entered into between Staff of the MFDA and Excel Private Wealth Inc. (“Respondent”).
The subject matter of the proposed Settlement Agreement concerns matters for which the Respondent may be disciplined as a Member of the MFDA, pursuant to sections 20 and 24.1.2 of By-law No. 1 of the MFDA.
- The proposed Settlement Agreement concerns allegations that the Respondent:
- between August 20, 2014 and September 16, 2014, failed to conduct adequate due diligence on Approved Person, BG’s referral arrangement, contrary to MFDA Rule 2.5.1 and MFDA Policy No. 2;
- from April 2016 to December 2016, failed to maintain a tier two supervision structure for its Approved Persons, contrary to MFDA Rule 2.5.1 and MFDA Policy No. 2; and
- from June 2016 to March 7, 2018, failed to conduct supervisory reviews of quarterly trend analysis reports, contrary to the Respondent’s policies and procedures, MFDA Rule 2.5.1 and MFDA Policy No. 2.
- 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.
DATED: Jul 19, 2018
Mutual Fund Dealers Association of Canada
121 King St. West, Suite 1000
Toronto, ON M5H 3T9