July 14, 2017 (Toronto, Ontario) – The Mutual Fund Dealers Association of Canada (“MFDA”) has commenced disciplinary proceedings in respect of Sarah Solis Maria Suzarah Del Rosario (“Respondent”). In its Notice of Hearing dated May 12, 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: On or about April 24, 2014, the Respondent failed to ensure that a trade in a client account was suitable for the client having regard to the essential Know-Your-Client (“KYC”) factors, including the client’s time horizon and investment objectives, contrary to MFDA Rules 2.2.1 and 2.1.1.
Allegation #2: On or about April 24, 2014, the Respondent processed a trade in a client account without obtaining client instructions in respect of the mutual fund to be purchased, thereby engaging in discretionary trading, contrary to MFDA Rules 2.3.1 and 2.1.1.
The first appearance in this proceeding will take place by teleconference before a Hearing Panel of the MFDA’s Central Regional Council on November 30, 2017 at 9:00 a.m. (Eastern), or as soon thereafter as the appearance can be held, to schedule a date for the commencement of the hearing on the merits and to address any other procedural matters. The appearance will be open to the public, except as may be required for the protection of confidential matters.
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.
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