Order

WHEREAS on July 11, 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 William Joe Yau Chan (the “Respondent”);

AND WHEREAS the Respondent entered into a settlement agreement with Staff of the MFDA, dated June 22, 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 the Respondent:

1. between June 2013 and March 2016, the Respondent engaged in securities related business that was not carried on for the account and through the facilities of the Member by selling, recommending, referring or facilitating the sale of approximately $1,213,000 of unapproved investment products to at least 8 clients and 3 individuals outside the Member and earned at least $83,160 in commissions, contrary to MFDA Rules 1.1, 1.1.2, 2.1.4, 2.4.2, and 2.1.1, and the requirements of sections 13.7 and 13.8 of National Instrument 31-103.

IT IS HEREBY ORDERED THAT the Settlement Agreement is accepted, as a consequence of which:

1. The Respondent shall be permanently prohibited from conducting securities related business in any capacity while in the employ of or associated with any MFDA Member;

2. The Respondent shall pay a fine of $40,000 in certified funds upon acceptance of this Settlement Agreement, pursuant to section 24.2 of By-law No. 1;

3. The Respondent shall pay costs in the amount of $5,000 in certified funds upon acceptance of this Settlement Agreement, pursuant to section 24.2 of By-law No. 1; 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.