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Order

Re:

Order

Order
File No. 201117

IN THE MATTER OF A SETTLEMENT HEARING
PURSUANT TO SECTION 24.4 OF BY-LAW NO. 1 OF
THE MUTUAL FUND DEALERS ASSOCIATION OF CANADA

Re: Stephen Gill Fricker



ORDER



WHEREAS on February 2, 2015, 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 Stephen Gill Fricker (the “Respondent”);

AND WHEREAS the Respondent entered into a settlement agreement with Staff of the
MFDA, dated January 28, 2015 (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:

a) in September 2008, the Respondent failed to follow instructions received from clients
PC, SC and F-Co. by not selling or switching out of, the clients’ holdings in a specific
mutual fund, the CI Signature High Income Fund, in the clients’ accounts, contrary to
MFDA Rule 2.1.1; and

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b) between September 16, 2008 and October 1, 2008, the Respondent misapprehended
the risk rating of the CI Signature High Income Fund and failed to make himself
aware of all of the risks of that fund, contrary to MFDA Rule 2.2.1(a).

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

1. The Respondent shall pay a fine in the amount of $15,000, pursuant to section 24.1(b) of
MFDA By-law No. 1, upon the acceptance of this Settlement Agreement;

2. The Respondent shall pay the costs of this proceeding in the amount of $5,000, pursuant to
section 24.2 of MFDA By-law No. 1, upon the acceptance of this Settlement Agreement;

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 3rd day of March, 2015.

“P. T. Galligan”
The Hon. P. T. Galligan, Q.C.

Chair

“Kenneth Mann”
Kenneth Mann

Industry Representative

“Susan L. Schulze”
Susan L. Schulze
Industry Representative

DM 416329 v2

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