Skip to Main Content

IN THE MATTER OF THE MUTUAL FUND DEALER RULES

Re: Ann Marie Reid

Order

WHEREAS on August 22, 2022, 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 (now Mutual Fund Dealer Rules 7.3 and 7.4) in respect of a disciplinary proceeding commenced against Ann Marie Reid (the “Respondent”);

AND WHEREAS on September 22, 2022, the Respondent served and filed a Reply to the Notice of Hearing;

AND WHEREAS on October 12, 2022, the first appearance in this proceeding was held;

AND WHEREAS at the first appearance, the Hearing Panel ordered, among other things, that Staff shall provide documentary disclosure to the Respondent on or before December 16, 2022 and the Respondent shall provide documentary disclosure to Staff on or before January 31, 2023;

AND WHEREAS on January 1, 2023, the MFDA and the Investment Industry Regulatory Organization of Canada (“IIROC”) consolidated to form the New Self-Regulatory Organization of Canada (the “Corporation”);

AND WHEREAS the Respondent did not provide documentary disclosure to Staff on or before January 31, 2023;

AND WHEREAS on February 17, 2023, an interim appearance took place before one public representative of a hearing committee acting on behalf of a hearing panel of the Ontario District Committee of the Corporation (the “Hearing Panel”), pursuant to section 19.13(b) of MFDA By-law No.1 (now Mutual Fund Dealer Rule 7.2.4(b)), which permits one public representative to be designated to act on behalf of a Hearing Panel for the purpose of hearing and determining any procedural matter;

AND WHEREAS Counsel for Staff and Counsel for the Respondent attended the interim appearance on February 17, 2023 by videoconference to address scheduling and other procedural matters and upon hearing the submissions of the parties;

IT IS HEREBY ORDERED THAT:

  1. In accordance with Rule 10.2 of the Mutual Fund Dealer Rules of Procedure (the “ROP”), the Respondent shall provide documentary disclosure to Staff on or before February 28, 2023;
  2. An interim appearance shall take place before the Hearing Panel by videoconference on March 14, 2023 at 10:00 a.m. (Eastern), or as soon thereafter as the appearance can be held;
  3. In accordance with Rule 11 of the ROP, Staff and the Respondent shall provide each party with a witness list and summaries of expected evidence on or before March 27, 2023;
  4. Subject to any further Order of the Hearing Panel, the hearing of this matter on its merits shall take place by videoconference on April 26-28, 2023, commencing at 10:00 a.m. (Eastern) each day, or as soon thereafter as the matter can be heard; and
  5. If at any time a non-party to this proceeding, with the exception of the bodies set out in Mutual Fund Dealer Rule 6.3, requests production of or access to exhibits in this proceeding that contain personal information as defined by the Corporation’s Privacy Policy, then the Corporate Secretary’s Office, Mutual Fund Dealer Division of the Corporation shall not provide to the non-party, copies of or access to the requested exhibits without first redacting from them any and all personal information, pursuant to Rules 1.8(2) and (5) of the ROP.
  • Thomas J. Lockwood
    Thomas J. Lockwood
    Chair

On January 1, 2023, the Investment Industry Regulatory Organization of Canada (“IIROC”) and the Mutual Fund Dealers Association of Canada (the “MFDA”) were consolidated into a single self-regulatory organization recognized under applicable securities legislation. The New Self-Regulatory Organization of Canada (referred to herein as the “Corporation”) adopted interim rules that incorporate the pre-amalgamation regulatory requirements contained in the rules and policies of IIROC and the by-law, rules and policies of the MFDA (the “Interim Rules”). The Interim Rules include (i) the Investment Dealer and Partially Consolidated Rules, (ii) the UMIR and (iii) the Mutual Fund Dealer Rules. These rules are largely based on the rules of IIROC and certain by-laws, rules and policies of the MFDA that were in force immediately prior to amalgamation. Where the rules of IIROC and the by-laws, rules and policies of the MFDA that were in force immediately prior to amalgamation have been incorporated into the Interim Rules, Enforcement Staff have referenced the relevant section of the Interim Rules. Pursuant to Mutual Fund Dealer Rule 1A and s.14.6 of By-Law No.1 of the Corporation, contraventions of former MFDA regulatory requirements may be enforced by the Corporation.