IN THE MATTER OF A DISCIPLINARY HEARING PURSUANT TO SECTION 24.4 OF BY-LAW NO. 1 OF THE MUTUAL FUND DEALERS ASSOCIATION OF CANADA
Re: James Chan
ARISING FROM SETTLEMENT HEARING ON JUNE 28, 2018
WHEREAS on April 24, 2018, 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 James Chan (the “Respondent”);
AND WHEREAS the Respondent entered into a settlement agreement with Staff of the MFDA, dated April 23, 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:
- between April 2016 and August 2016, the Respondent obtained, possessed and, in some instances, used to process transactions, 6 pre-signed account forms, contrary to MFDA Rule 2.1.1; and
- on April 20, 2016, the Respondent, in his capacity as branch manager, reviewed and approved the use of 1 pre-signed account form, contrary to MFDA Rules 2.5.5(f) and 2.1.1.
IT IS HEREBY ORDERED THAT the Settlement Agreement is accepted, as a consequence of which:
- the Respondent shall pay a fine in the amount of $7,500 in certified funds upon acceptance of the Settlement Agreement, pursuant to s. 24.1.1(b) of MFDA By-law No. 1;
- 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;
- the Respondent shall be prohibited from acting as a branch manager for a period of 1 month, pursuant to s. 24.1.1(e) of MFDA By-Law No. 1;
- the Respondent shall in the future comply with MFDA Rules 2.5.5 and 2.1.1; and
DATED: Jun 28, 2018
"Paul M. Moore, QC"
Paul M. Moore, QC
"Guenther W.K. Kleberg"
Guenther W.K. Kleberg
"Edward V. Jackson"
Edward V. Jackson