August 25, 2022 (Toronto, Ontario) – The Mutual Fund Dealers Association of Canada (“MFDA”) commenced a disciplinary proceeding in respect of Helen Collymore (the “Respondent”) by Notice of Hearing dated April 4, 2022 (“Notice of Hearing”).
As the result of a settlement agreement entered into between Staff of the MFDA and the Respondent, a settlement hearing will take place electronically by videoconference before a Hearing Panel of the MFDA’s Central Regional Council on September 29, 2022, commencing at 10:00 a.m. (Eastern), or as soon thereafter as the matter can be held. Members of the public who would like to obtain further particulars should contact [email protected].
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:
- on or around September 4, 2009, opened a new account and processed a purchase of mutual funds in respect of a client who was a non-resident of Canada, which the Respondent was not permitted to do pursuant to the policies and procedures of the Member, and MFDA Rules 2.1.1, 2.5.1 and 1.1.2; and
- between 2009 and 2019, failed to update a client’s residential address when she became aware that the client was no longer residing in Canada which concealed from the Member that the client was no longer a resident of Canada and would therefore be subject to different tax treatment in respect of the client’s investments held at the Member, contrary to the Member’s policies and procedures and MFDA Rules 2.2.1, 2.2.4; 2.5.1 and 1.1.2.
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 the Mississauga, 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 76,695 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.