July 19, 2019 (Toronto, Ontario) – The Mutual Fund Dealers Association of Canada (“MFDA”) commenced a disciplinary proceeding in respect of Bertin Desjardins (“Respondent”) by Notice of Hearing dated January 10, 2019.
As the result of a settlement agreement entered into between Staff of the MFDA and the Respondent, the settlement hearing will proceed on July 26, 2019, commencing at 10:00 a.m. (Atlantic), or as soon thereafter as the matter can be heard, in the hearing room at the Delta Prince Edward hotel, 18 Queen Street, Charlottetown, Prince Edward Island.
The subject matter of the proposed settlement agreement concerns matters for which the Respondent may be disciplined pursuant to ss. 20 and 24.1.1 of By-law No. 1 of the MFDA. In particular, the settlement agreement concerns allegations that the Respondent,
- between March 2014 and November 2016, obtained, possessed and, in some instances, used to process transactions, 51 pre-signed account forms in respect of 13 clients, contrary to MFDA Rule 2.1.1; and
- between March 2014 and November 2016, altered seven account forms in respect of two clients by using liquid correction fluid to alter information on the account forms without having the client initial the alterations, contrary to MFDA Rule 2.1.1.
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 Hearing is available on the MFDA website at www.mfda.ca. During the period described in the Notice of Hearing, the Respondent conducted business in and around Charlottetown, Prince Edward Island.
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 81,000 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.