Order

WHEREAS on May 12, 2017, the Mutual Fund Dealers Association of Canada (the “MFDA”) issued a Notice of Hearing pursuant to section 24.4 of By-law No. 1 in respect of Sarah Solis Maria Suzarah Del Rosario (the “Respondent”);

AND WHEREAS the Respondent entered into a settlement agreement with Staff of the MFDA, dated June 26, 2018 (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:

1. on or about April 24, 2015, the Respondent failed to ensure that a trade in a client account was suitable for the client having regard to the essential Know-Your-Client factors, including the client’s age, time horizon and investment objectives, contrary to MFDA Rules 2.2.1 and 2.1.1; and
2. on or about April 24, 2015, the Respondent processed a trade in a client account, using her discretion to select a version of a mutual fund subject to a deferred sales charge, contrary to MFDA Rules 2.3.1 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 $10,000 in certified funds upon acceptance of the Settlement Agreement pursuant to s. 24.1.1(b) of MFDA By-law No. 1;

2. The Respondent shall be prohibited from acting in the capacity of branch manager for a period of 2 months pursuant to s. 24.1.1(c) of MFDA By-law No. 1;

3. The Respondent shall pay costs in the amount of $2,500 in certified funds upon acceptance of the Settlement Agreement pursuant to s. 24.2 of MFDA By-law No. 1;

4. The Respondent shall in the future comply with MFDA Rules 2.2.1, 2.3.1 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.