Order

WHEREAS on July 4, 2019, the Mutual Fund Dealers Association of Canada (the “MFDA”) issued a Notice of Hearing pursuant to section 24.4 of By-law No. 1 in respect of Sylvia Suk Fan Wong (the “Respondent”);

AND WHEREAS from January 26, 2021 to January 29, 2021, the Hearing Panel conducted a hearing on the merits of this matter (“Hearing”);

AND WHEREAS the Hearing Panel considered the evidence and submissions presented by Staff of the MFDA at the Hearing;

AND WHEREAS the Hearing Panel finds that:

2. between April 2012 and May 2017, the Respondent altered and used to process transactions, 26 account forms in respect of 17 clients by altering information on the account forms without having the clients initial the alterations, contrary to the Member’s policies and procedures, and MFDA Rules 2.1.1, 1.1.2 and 2.5; and
3. between January 2012 and January 2016, the Respondent obtained, possessed, and used to process transactions, 12 pre-signed account forms in respect of 6 clients, contrary to the Member’s policies and procedures, and MFDA Rules 2.1.1, 1.1.2 and 2.5.

IT IS HEREBY ORDERED THAT:

1. The Respondent shall pay a fine in the amount of $20,000, pursuant to section 24.1.1(b) of By-law No. 1 (“Fine”);
2. The Respondent shall pay costs in the amount of 10,000, pursuant to section 24.2 of By-law No. 1 (“Costs”);
3. The payment by the Respondent of the Fine and Costs shall be made and received by MFDA staff as follows:
   1. $5,000 (Fine) on or before April 21, 2021;
   2. $10,000 (Costs) on or before April 21, 2021;
   3. $2,500 (Fine) on or before May 1, 2021;
   4. $2,500 (Fine) on or before June 1, 2021;
   5. $2,500 (Fine) on or before July 1, 2021;
   6. $2,500 (Fine) on or before August 1, 2021;
   7. $2,500 (Fine) on or before September 1, 2021; and
   8. $2,500 (Fine) on or before October 1, 2021;
4. If the Respondent fails to make any of the installment payments described above in Paragraph 3, any outstanding balance of the Fine and Costs owed by the Respondent shall become immediately due and payable to the MFDA; 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;