Order

WHEREAS on June 23, 2016, 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 Deborah Ann Cummins (the “Respondent”);

AND WHEREAS the Respondent entered into a settlement agreement with Staff of the MFDA, dated October 11, 2016 (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 on or about September 25, 2014, the Respondent failed to process 3 transactions requested by two clients, contrary to MFDA Rule 2.1.1; and that on or about May 27, 2014, the Respondent opened a client account and processed a transaction, without obtaining client authorization, contrary to MFDA Rules 1.1.2, 2.5.1 and 2.1.1;  

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 $13,000 pursuant to section 24.1.1(b) of By-law No.1 (the “Fine”);
2. The Respondent shall pay costs in the amount of $2,500 pursuant to section 24.2 of MFDA By-law No.1 (the “Costs”);
3. The Fine and Costs shall be paid in seven installments: the first installment in the amount of $2,500 shall be paid on the date of the settlement hearing, the remaining six installments in the amount of $2,166.67 each are payable on or before the final business day of the six months that follow the date of the acceptance of the settlement agreement by the Hearing Panel;
4. The Respondent shall in the future comply with MFDA Rules 1.1.2, 2.5.1 and 2.1.1; and
5. 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.