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File No. 201936

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: Jesse Vu

Order

(ARISING FROM SETTLEMENT HEARING ON NOVEMBER 7, 2019)

WHEREAS on May 6, 2019, the Mutual Fund Dealers Association of Canada (“MFDA”) issued a Notice of Hearing pursuant to section 24.4 of By-law No. 1 in respect of Jesse Vu (the “Respondent”);

AND WHEREAS the Respondent entered into a settlement agreement with Staff of the MFDA, dated November 6, 2019 (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 about March 2016 and March 2017, engaged in outside business activities which were not disclosed to or approved by the Member, contrary to the policies and procedures of the Member and MFDA Rules 1.2.1(c) (now MFDA Rule 1.3) and 2.1.1; and
  2. between about November 2016 and October 2017, referred 1 client and 3 other individuals to a mortgage brokerage outside the Member, and received at least $1,085.95 outside the Member for doing so, thereby participating in a referral arrangement to which the Member was not a party and which did not otherwise comply with the policies and procedures of the Member and MFDA Rules 2.4.2(b) and 2.1.1.

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

  1. The Respondent shall be prohibited from conducting securities related business in any capacity while in the employ of or associated with any MFDA Member for a period of 1 month pursuant to s. 24.1.1(e) of MFDA By-Law No. 1;
  2. The Respondent shall pay a fine of $1,000, pursuant to s. 24.1.1.(b) of MFDA By-Law No. 1 (“Fine);
  3. The Respondent shall pay costs of $2,500, pursuant to section 24.2 of MFDA By-Law No. 1 (“Costs”);
  4. The payment by the Respondent of the Fine and Costs as described above in paragraphs 2 and 3 shall be made to and received by MFDA Staff in certified funds as follows:
    1. $1,000 (Costs) upon acceptance of the Settlement Agreement by the Hearing Panel;
    2. $1,250 (Costs) on or before the last business day of the third month following the date of acceptance of the Settlement Agreement by the Hearing Panel; and
    3. $1,250 (Fine and Costs) on or before the last business day of the sixth month following the date of acceptance of the Settlement Agreement by the Hearing Panel;
  5. The Respondent shall in the future comply with MFDA Rules 1.3, 2.1.1, and 2.4.2; and
  6. 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.

DATED: Nov 7, 2019

"Shelley L. Miller, QC"

Shelley L. Miller, QC

Chair


"Diane Jaspers"

Diane Jaspers

Industry Representative


"James Samanta"

James Samanta

Industry Representative


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