File No. 202076
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: Carte Wealth Management Inc.
(ARISING FROM SETTLEMENT HEARING ON DECEMBER 22, 2020)
WHEREAS on December 7, 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 Carte Wealth Management Inc. (the “Respondent”);
AND WHEREAS the Respondent entered into a settlement agreement with Staff of the MFDA, dated November 25, 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 June 30, 2019 and December 31, 2019, the Respondent failed to maintain at all times a risk adjusted capital greater than zero, contrary to MFDA Rule 3.1.1.
IT IS HEREBY ORDERED THAT the Settlement Agreement is accepted, as a consequence of which:
- The Respondent shall pay a fine of $10,000, pursuant to section 24.1.2(b) of MFDA By-law No. 1.
- The Respondent shall pay costs of $5,000, pursuant to section 24.2 of MFDA By-law No. 1.
- The Respondent shall in the future comply with MFDA Rule 3.1.1.
DATED: Dec 22, 2020
"Frederick W. Chenoweth"
Frederick W. Chenoweth
"Kenneth P. Mann"
Kenneth P. Mann