MFDA Hearing Panel makes findings and imposes sanctions against Romina Romano
November 23, 2017 (Toronto, Ontario) – The Mutual Fund Dealers Association of Canada (“MFDA”) commenced a disciplinary proceeding in respect of Romina Romano (“Respondent”) by Notice of Hearing dated August 15, 2017 (“Notice of Hearing”).
The hearing of this matter on its merits took place yesterday in Vancouver, British Columbia before a three-person Hearing Panel of the MFDA’s Pacific Regional Council. Prior to the hearing, the parties filed an Agreed Statement of Facts in which the Respondent admitted to facts constituting contraventions of MFDA By-laws, Rules or Policies, for which she could be penalized by a Hearing Panel pursuant to section 24.1 of MFDA By-law No. 1.
In particular, the Respondent admitted that:
- on January 29, 2015, she signed the signatures of two (2) clients on three (3) account forms and submitted the forms for processing, contrary to MFDA Rule 2.1.1; and
- in or about March 2014, she obtained, possessed and used 1 pre-signed account form in order to process a transaction on behalf of one (1) client, contrary to MFDA Rule 2.1.1.
Following submissions from the parties, the Hearing Panel imposed the following sanctions on the Respondent and advised that it will issue written reasons in due course:
- a prohibition from conducting securities related business in any capacity while in the employ of or associated with any MFDA Member for a period of one (1) month, commencing from the date of the Hearing Panel’s Order
- shall successfully complete the Branch Manager Course offered by the Canadian Securities Institute prior to being designated as a Branch Manager;
- shall pay a fine in the amount of $1,000; and
- shall pay costs in the amount of $2,500.
Copies of the Notice of Hearing and the Agreed Statement of Facts are available on the MFDA website at www.mfda.ca. During the period described in the Agreed Statement of Facts, the Respondent carried on business in the Vancouver, British Columbia area.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its Members and their approximately 83,000 Approved Persons with a mandate to protect investors and the public interest. For more information about the MFDA’s complaint and enforcement processes, as well as links to ‘Check an Advisor’ and other Investor Tools, visit the For Investors page on the MFDA website.