Order

WHEREAS on July 5, 2019, the Mutual Fund Dealers Association of Canada (the “MFDA”) issued a Notice of Settlement Hearing pursuant to section 24.4 of By-law No. 1 in respect of Hugo Donais (the “Respondent”);

AND WHEREAS the Respondent entered into a settlement agreement with Staff of the MFDA, dated November 27, 2019 (the “Settlement Agreement”), in which the Respondent agreed to a proposed settlement of matters for which the Respondent could be disciplined pursuant to ss. 20 and 24.1 of By-law No. 1;

AND WHEREAS the Hearing Panel is of the opinion that the Respondent:

1. between March 2010 and November 2016, he, or his assistants for whom he was responsible, altered and in some cases, used to process transactions, 18 account forms in respect of 14 clients by altering information on the account forms without having the clients initial the alterations, contrary to MFDA Rule 2.1.1; and
2. between February 2011 and July 2016, he, or his assistants for whom he was responsible, obtained, possessed, and in some cases, used to process transactions, 30 pre-signed account forms in respect of 22 clients, contrary to MFDA Rule 2.1.1.

IT IS HEREBY ORDERED THAT the Settlement Agreement is accepted, as a consequence of which:

1. The Respondent shall be prohibited from conducting securities related business in any capacity while in the employ of or associated with any MFDA Member for a period of 3 months pursuant to s. 24.1.1(e) of MFDA By-Law No. 1;
2. The Respondent shall pay a fine in the amount of $2,500 in certified funds, pursuant to s. 24.1.1.(b) of MFDA By-law No. 1;
3. The Respondent shall pay costs in the amount of $2,500 in certified funds, pursuant to s. 24.2 of MFDA By-law No. 1;
4. The payment by the Respondent of the Fine and Costs shall be made to and received by MFDA Staff in certified funds as follows:
   1. $1,500 (Costs) upon acceptance of the Settlement Agreement by the Hearing Panel;
   2. $583.35 (Costs) on or before January 31, 2020;
   3. $583.33 (Costs and Fine) on or before February 28, 2020;
   4. $583.33 (Fine) on or before March 31, 2020;
   5. $583.33 (Fine) on or before April 30, 2020;
   6. $583.33 (Fine) on or before May 29, 2020;
   7. $583.33 (Fine) on or June 30, 2020;
5. The Respondent shall in the future comply with MFDA Rule 2.1.1; and
6. If at any time a non-party to this proceeding, with the exception of the bodies set out in section 23 of MFDA By-law No. 1, requests production of or access to exhibits in this proceeding that contain personal information as defined by the MFDA Privacy Policy, then the MFDA Corporate Secretary shall not provide copies of or access to the requested exhibits to the non-party without first redacting from them any and all personal information, pursuant to Rules 1.8(2) and (5) of the MFDA Rules of Procedure.