May 8, 2017 (Toronto, Ontario) – The Mutual Fund Dealers Association of Canada (“MFDA”) announced that it has issued a Notice of Settlement Hearing regarding the presentation, review and consideration of a proposed settlement agreement by a Hearing Panel of the MFDA’s Central Regional Council.
The settlement agreement will be between Staff of the MFDA and Terry Edward Barrett (“Respondent”) and involves matters for which the Respondent may be disciplined by a Hearing Panel pursuant to MFDA By-laws. The proposed settlement agreement concerns allegations that:
- on or around July 25, 2014, the Respondent obtained, possessed, and used to process a transaction, 1 pre-signed account form in respect of one (1) client, contrary to MFDA Rule 2.1.1;
- on or about January 24, 2012, the Respondent failed to have a client initial alterations to an account form that the client had made after the client had signed the account form, contrary to MFDA Rule 2.1.1; and
- between 2013 and 2014, on two occasions, the Respondent failed to accurately respond to the Member’s annual compliance questionnaire by incorrectly affirming that he did not accept or solicit pre-signed account forms or maintain pre-signed account forms in client files, contrary to MFDA Rule 2.1.1.
The settlement hearing is scheduled to take place on August 31, 2017, commencing at 10:00 a.m. (Eastern), or as soon thereafter as the matter can be held, in the hearing room at the offices of the MFDA, located at 121 King Street West, Suite 1000, Toronto, Ontario.
MFDA settlement hearings are typically held in the absence of the public pursuant to section 20.5 of MFDA By-law No. 1 and Rule 15.2(2) of the MFDA Rules of Procedure. If the Hearing Panel accepts the settlement agreement, then the proceeding will become open to the public and a copy of the decision of the Hearing Panel and the settlement agreement will be made available at www.mfda.ca.
A copy of the Notice of Settlement Hearing is available on the MFDA website at www.mfda.ca. During the period described in the Notice of Settlement Hearing, the Respondent carried on business in the Stouffville, Ontario 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.
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