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HomeCompleted Hearings2017100 - Keybase Financial Group Inc. › Order2017100

File No. 2017100

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: Keybase Financial Group Inc.

Order

(ARISING FROM SETTLEMENT HEARING ON JUNE 29, 2020)

WHEREAS on June 1, 2020, the Mutual Fund Dealers Association of Canada (the “MFDA”) issued a Notice of Settlement Hearing pursuant to section 24.4 of MFDA By-law No. 1 in respect of Keybase Financial Group Inc. (the “Respondent”);

AND WHEREAS the Respondent entered into a settlement agreement with Staff of the MFDA, dated May 27, 2020 (the “Settlement Agreement”), in which the Respondent agreed to a proposed settlement of matters for which the Respondent could be disciplined pursuant to sections 20 and 24.1 of MFDA By-law No. 1;

AND WHEREAS the Hearing Panel is of the opinion that between 2011 and 2019, the Respondent failed to handle 13 client complaints fairly and properly, contrary to MFDA Rules 2.11 and 2.1.1, and the complaint handling duties and requirements under MFDA Policy No. 3;

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 $35,000, pursuant to s. 24.1.2(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;
  3. The Respondent shall in the future comply with its complaint handling duties and requirements, pursuant to MFDA Rules 2.11 and Rule 2.1.1, and MFDA Policy No. 3; 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.

DATED: Jun 29, 2020

"Martin L. Friedland"

Martin L. Friedland

Chair


"Guenther W. K. Kleberg"

Guenther W. K. Kleberg

Industry Representative


"Edward Jackson"

Edward Jackson

Industry Representative


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