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Order
File No. 201313






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


Re: Lodovico Angelo Cavan



ORDER


WHEREAS on June 5, 2013, the Mutual Fund Dealers Association of Canada (the
“MFDA”) issued a Notice of Hearing pursuant to sections 20 and 24 of By-law No. 1 in respect
of a disciplinary proceeding commenced against Lodovico Angelo Cavan (the “Respondent”);

AND WHEREAS the first appearance in this hearing was held before a panel of the
Central Regional Council of the MFDA (the “Hearing Panel”) on August 8, 2013;

AND WHEREAS on November 21, 2013, the Respondent and Staff of the MFDA
(“Staff”) entered into an Agreed Statement of Facts, in which the Respondent admitted facts and
misconduct for which the Respondent could be disciplined pursuant to ss. 20 and 24.1 of By-law
No. 1;

AND WHEREAS on November 21, 2013, the Hearing Panel conducted a hearing on the
merits (the “Hearing”) of the matters described in the Notice of Hearing, during which the
Hearing Panel admitted the Agreed Statement of Facts into evidence;
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AND WHEREAS Staff and counsel for the Respondent made submissions to the
Hearing Panel at the Hearing;

AND WHEREAS in the opinion of the Hearing Panel, from October 25, 2001 to March
2006 and from January 2008 to May 2010, the Respondent had and continued in other gainful
occupations that were not disclosed to and approved by the Member, by setting up three
businesses in respect of which he subsequently received, directly or indirectly, payments and
benefits totaling at least approximately $117,973.03, contrary to MFDA Rules 1.2.1(d) and 2.1.1;

IT IS HEREBY ORDERED THAT:

1.
The Respondent shall pay a fine in the amount of $5,000 by January 31, 2015, pursuant
to section 24.1.1(b) of MFDA By-law No. 1;

2.
Prior to becoming re-registered in the securities industry, the Respondent shall complete
the Conduct and Practices Handbook course offered by the Canadian Securities Institute or
another course approved by the MFDA that includes content concerning business ethics and
procedure, pursuant to s. 24.1.1(f) of MFDA By-law No. 1; and

3.
If at any time a non-party to this proceeding requests production of, or access to, any
materials filed in, or the record of, this proceeding, including all exhibits and transcripts, then the
MFDA Corporate Secretary shall not provide copies of, or access to, the requested documents to
the non-party without first redacting from them any and all intimate financial or personal
information, pursuant to Rules 1.8(2) and (5) of the MFDA Rules of Procedure.

DATED this 24th day of February, 2014.

“Stanley Kurisko”
The Hon. Stanley Kurisko, Q.C.

Chair
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“Susan Schulze”
Susan Schulze

Industry Representative

“Robert J. Guilday”

Robert J. Guilday

Industry Representative

DM 376769 v2

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