MFDA Order

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File No. 202025

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: Kenneth Allan Parker

Order

(ARISING FROM SETTLEMENT HEARING ON AUGUST 18, 2020)

WHEREAS on July 31, 2020, 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 Kenneth Allan Parker (the “Respondent”);

AND WHEREAS the Respondent entered into a settlement agreement with Staff of the MFDA, dated August 6, 2020 (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 the basis of admissions made by the Respondent in the Settlement Agreement, the Hearing Panel is of the opinion that between April 2014 and February 2016, the Respondent submitted annual reports to the Board which failed to accurately report on the status of branch and sub-branch reviews required to be completed by the Member in order to comply with MFDA Policy No. 5, thereby failing to carry out his responsibilities as Chief Compliance Officer, and hindering the ability of the Member to assess its compliance with MFDA By-laws, Rules, Policies, and applicable securities legislation, contrary to MFDA Rule 2.5.3(b)(iv).

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 $20,000 which shall be payable on the date that this Settlement Agreement is accepted by an MFDA Hearing Panel, pursuant to s. 24.1.1(b) of MFDA By-law No. 1;
  2. The Respondent shall pay costs in the amount of $5,000 which shall be payable on the date that this Settlement Agreement is accepted by an MFDA Hearing Panel, pursuant to s. 24.2 of MFDA By-law No. 1; and
  3. 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: Aug 18, 2020

"Shelley L. Miller"

Shelley L. Miller

Chair


"Richard Sydenham"

Richard Sydenham

Industry Representative


"Sean Shore"

Sean Shore

Industry Representative


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