March 8, 2017 (Toronto, Ontario) – The Mutual Fund Dealers Association of Canada (“MFDA”) has commenced disciplinary proceedings in respect of Yangyi Xie (the “Respondent”). In its Notice of Hearing dated January 26, 2017, Staff of the MFDA alleges that the Respondent engaged in the following conduct contrary to the By-laws, Rules and/or Policies of the MFDA:
Allegation #1: Between August 22, 2014 and September 15, 2014, the Respondent processed three (3) authorized discretionary trades as part of a dollar-cost averaging strategy in relation to one (1) client, contrary to the Member’s policies and procedures, and MFDA Rules 1.1.2, 2.5.1, 2.3.1, and 2.1.1.
Allegation #2: On September 26, 2014, the Respondent failed to comply with a client’s trade instructions and engaged in unauthorized discretionary trading by processing two (2) trades, contrary to MFDA Rules 2.3.1 and 2.1.1.
Allegation #3: Between August 2014 and October 2014, the Respondent falsified the signature of one (1) client on four (4) account forms, contrary to MFDA Rule 2.1.1.
The first appearance in this proceeding will be held by teleconference before a Hearing Panel of the MFDA’s Pacific Regional Council on March 23, 2017, at 10:00 a.m. (Pacific), or as soon thereafter as the appearance can be held, in order to schedule a date for the commencement of the hearing on the merits and to address any other procedural matters. The first appearance will take place at the MFDA offices, located at 650 West Georgia Street, Suite 1220, Vancouver, British Columbia, and will be open to the public, except as may be required for the protection of confidential matters. The hearing on the merits will take place in Vancouver, British Columbia at a time and venue to be announced.
A copy of the Notice of Hearing is available on the MFDA website at www.mfda.ca. During the period described in the Notice of Hearing, the Respondent carried on business in the Coquitlam, 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.
DM 529263 v1