Order

WHEREAS on May 24, 2017, the Mutual Fund Dealers Association of Canada (“MFDA”) issued a Notice of Hearing pursuant to sections 20 and 24 of MFDA Bylaw No. 1 in respect of a disciplinary proceeding commenced against Gregory Burke (“Respondent”);

AND WHEREAS the Respondent served and filed a Reply on June 15, 2017;

AND WHEREAS the first appearance in this matter took place on July 16, 2017 via teleconference before one public representative of a Regional Council acting on behalf of a Hearing Panel of the Atlantic Regional Council of the MFDA, pursuant to section 19.13(b) of MFDA Bylaw No. 1, at which time a Hearing on the Merits was scheduled (“Hearing”);

AND WHEREAS the parties entered into an Agreed Statement of Facts dated August 8, 2017 (“ASF”);

AND WHEREAS the Hearing regarding misconduct and penalty took place on August 10, 2017 in Halifax, Nova Scotia before a three person Hearing Panel of the Atlantic Regional Council of the MFDA (“Hearing Panel”);

AND WHEREAS the Hearing Panel heard the evidence, including the ASF, and submissions of counsel for the Respondent and counsel for Staff of the MFDA (“Staff”) at the Hearing with respect to misconduct and penalty;

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

1. between August 2011 and November 2015, sent written communications to seven clients containing misleading or incomplete information, unwarranted or exaggerated claims, and/or failing to identify the material assumptions upon which the conclusions were based, contrary to MFDA Rules 2.8.2 and 2.1.1.

AND WHEREAS the Decision and Reasons of the Hearing Panel with respect to misconduct and penalty dated December 19, 2017 were issued on December 21, 2017;

IT IS HEREBY ORDERED THAT:

1. The Respondent shall pay a fine in the amount of $10,000, pursuant to s. 24.1.1(b) of MFDA By-law No. 1;
2. The Respondent shall pay costs in the amount of $5,000 pursuant to s. 24.2 of MFDA By-law No. 1; and
3. If at any time a non-party to this proceeding, with the exception of the bodies set out in s. 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.