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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: Mir Amer Raza

Order

(ARISING FROM SETTLEMENT HEARING ON JANUARY 29, 2021)

WHEREAS on November 30, 2020, the Mutual Fund Dealers Association of Canada (the “MFDA”) issued a Notice of Settlement Hearing pursuant to section 24.4 of MFDA By-law No. 1 in respect of Mir Amer Raza (the “Respondent”);

AND WHEREAS the Respondent entered into a settlement agreement with Staff of the MFDA, dated November 27, 2020 (the “Settlement Agreement”), in which the Respondent agreed to a proposed settlement of matters for which the Respondent could be disciplined pursuant to sections 20 and 24.1 of MFDA By-law No. 1;

AND WHEREAS the Hearing Panel is of the opinion that between April 20, 2018 and December 31, 2018, the Respondent engaged in personal financial dealings with client MA by soliciting and accepting $2,500 from the client, which gave rise to a conflict of interest that he failed to disclose to the Member and address by the exercise of responsible business judgment influenced only by the best interests of the client, contrary to the Member’s policies and procedures and MFDA Rules 2.1.4, 1.1.2, 2.5.1, and 1.1.2.

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

  1. The Respondent shall pay a fine in the amount of $2,500 in certified funds, pursuant to section 24.1.1(b) of MFDA By-law No. 1.
  2. The Respondent shall pay costs in the amount of $2,500 in certified funds, pursuant to section 24.2 of MFDA By-law No. 1.
  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) upon acceptance of the Settlement Agreement by the Hearing Panel;
    2. $400 (costs) on or before February 26, 2021;
    3. $400 (costs) on or before March 31, 2021;
    4. $400 (costs) on or before April 30, 2021;
    5. $300 (costs) $100 (fine) on or before May 31, 2021;
    6. $400 (fine) on or before June 30, 2021;
    7. $400 (fine) on or before July 30, 2021;
    8. $400 (fine) on or before August 31, 2021;
    9. $400 (fine) on or before September 30, 2021;
    10. $400 (fine) on or before October 29, 2021; and
    11. $400 (fine) on or before November 30, 2021;
  4. The Respondent shall in the future comply with MFDA Rules 2.1.4, 1.1.2, 2.5.1, and 1.1; 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.
  • Frederick H. Webber
    Frederick H. Webber
    Chair
  • Guenther Kleberg
    Guenther Kleberg
    Industry Representative
  • Robert C. White
    Robert C. White
    Industry Representative

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