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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: Gregory William Shearing

Order

(ARISING FROM SETTLEMENT HEARING ON MARCH 7, 2018)

WHEREAS on January 19, 2018, the Mutual Fund Dealers Association of Canada (“MFDA”) issued a Notice of Settlement Hearing in respect of Gregory William Shearing (“Respondent”);

AND WHEREAS the Respondent entered into a settlement agreement with Staff of the MFDA, dated March 5, 2018 (“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. between September 25, 2015 and February 27, 2017, the Respondent obtained, possessed, and in some instances, used to process transactions, 16 pre-signed account forms in respect of 4 clients, contrary to MFDA Rule 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 of $2,500, pursuant to Section 24.1.1(b) of MFDA Bylaw No. 1 (“Fine”);
  2. the Respondent shall pay costs in the amount of $2,500, pursuant to section 24.2 of Bylaw No. 1 (“Cost”);
  3. the payment by the Respondent of the Fine and Costs shall be made to and received by MFDA Staff in certified funds as follows:
    1. $1,000 (Costs) shall be paid upon acceptance of the Settlement Agreement by the Hearing Panel;
    2. $1,000 (Costs) shall be paid on or before March 30, 2018;
    3. $1,000 (Costs and Fine) shall be paid on or before April 30, 2018;
    4. $1,000 (Fine) shall be paid on or before May 31, 2018;
    5. $1,000 (Fine) shall be paid on or before June 29, 2018;
  4. if the Respondent fails to make any of the payments described above then:
    1. any outstanding balance of the Fine and Costs owed by the Respondent shall immediately become due and payable to the MFDA; and
    2. the Respondent shall be prohibited from conducting securities related business in the employ of or associated with a Member of the MFDA until such time as the total amount outstanding of the Fine and Costs owed by the Respondent is paid to the MFDA, pursuant to s. 24.3.13(c) of MFDA By-law No. 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.
  • Ian Pitfield
    Ian Pitfield
    Chair
  • Holly Millar
    Holly Millar
    Industry Representative
  • Robert Sokugawa
    Robert Sokugawa
    Industry Representative

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