Order

WHEREAS on December 19, 2019, the Mutual Fund Dealers Association of Canada (the “MFDA”) issued a Notice of Hearing pursuant to sections 20 and 24 of MFDA By-law No. 1 in respect of a disciplinary proceeding commenced against Gurmeet Singh Bagga (the “Respondent”);

AND WHEREAS the first appearance in this hearing was held before a hearing panel of the Central Regional Council of the MFDA (the “Hearing Panel”) on March 10, 2020;

AND WHEREAS on September 11, 2020, the Respondent and the MFDA entered into an Agreed Statement of Facts, in which the Respondent admitted to facts that constitute misconduct for which the Respondent may be penalized on the exercise of the discretion of a hearing panel pursuant to s. 24.1 of MFDA By-law No. 1;

AND WHEREAS on September 15, 2020 the Hearing Panel conducted a hearing on the merits (“Hearing on the Merits”), during which Staff of the MFDA and the Respondent presented the Agreed Statement of Facts to the Hearing Panel and made submissions with respect to the appropriate penalty to be imposed on the Respondent;

AND WHEREAS on the basis of the evidence and submissions presented during the Hearing on the Merits, the Hearing Panel found that the Respondent:

1. between about April 2014 and June 23, 2014, engaged in securities related business that was not carried on for the account of the Member or conducted through its facilities by recommending, selling, or facilitating the sale of syndicated mortgage investments, contrary to the Member’s policies and procedures, and MFDA Rules 1.1.1, 2.1.1, 2.5.1, or 1.1.2, and
2. between about April 2014 and June 23, 2014, engaged in an unapproved outside business activity by working as a mortgage agent for a mortgage brokerage without receiving prior approval from the Member, contrary to the Member’s policies and procedures, and MFDA Rules 1.2.1(c) (now MFDA Rule 1.3), 2.1.1, or 1.1.2.

IT IS HEREBY ORDERED THAT:

1. From the date of this Order, the authority of the Respondent to conduct securities related business while in the employ of, or associated with, any Member of the MFDA is prohibited for a period of one year, pursuant to s. 24.1.1(e) of MFDA By-law No. 1;
2. The Respondent shall pay a fine in the amount of $20,000, pursuant to section 24.1.1(b) of By-law No. 1;
3. The Respondent shall pay costs in the amount of $5,000 pursuant to section 24.2 of By-law No. 1; and
4. 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.