Rules of Procedure | Part F: Monitor [Pursuant to Sections 20 (Disciplinary Hearings), 24.1 (Power of Hearing Panels to Discipline), 24.3 (Applications in Exceptional Circumstances), 24.4 (Settlement Agreements) and 24.7 (Monitor) of MFDA By-law No.1] 26.1 Factors to Consider for Appointment of a Monitor In exercising its discretion to appoint a monitor, a Panel may consider:the harm or potential harm to the investing public; the financial solvency of the Member; the adequacy of the Member’s internal controls and operating procedures; the failure of the Member to respond to requests by the Corporation to address deficiencies in its internal controls and operating procedures; the failure of the Member to comply with any agreement with the Corporation; the Member’s ability to maintain regulatory capital requirements; any previous suspension of the Member for failing to meet regulatory capital requirements; regulatory history of Member or key persons at Member; the costs to the Member associated with the appointment of the monitor; and any other relevant factors. 26.2 Terms, Conditions and Costs In exercising its discretion to appoint a monitor, a Panel shall:appoint a monitor on such terms as it considers appropriate; and require that the Member pay the whole or part of the expenses related to a monitor.
