WHEREAS on August 15, 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 Olympian Financial Inc. (the “Respondent”);
AND WHEREAS the Respondent entered into a settlement agreement with Staff of the MFDA dated July 31, 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 on September 12, 2018 at 10:00 a.m. (Eastern) a hearing to consider the Settlement Agreement was held before a hearing panel of the Central Regional Council of the MFDA (the “Hearing Panel”) in the MFDA hearing room located at 121 King Street West, Toronto, Ontario;
AND WHEREAS the Hearing Panel is of the opinion that between about March 2009 and October 2017, the Respondent did not conduct an on-site compliance review of every sub-branch location at least once every three years, contrary to MFDA Policy No. 5 and MFDA Rule 2.5.1.
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 $25,000, pursuant to section 24.1.2(b) of By-law No. 1;
- The Respondent shall pay the costs of this proceeding and investigation in the amount of $5,000, pursuant to section 24.2 of By-law No. 1; and
- The Respondent shall in the future comply with MFDA Rules, 2.5.1 and MFDA Policy No. 5.
Malliha WilsonMalliha WilsonChair
Michael CoulterMichael CoulterIndustry Representative
Guenther W. K. KlebergGuenther W. K. KlebergIndustry Representative