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For further information, please contact:

Charles Toth
Vice President, Enforcement
Jeff Mount
Vice-President, Pacific Region

MFDA issues Notice of Settlement Hearing in respect of Hui Chuan Hsu

September 7, 2022 (Toronto, Ontario) – The Mutual Fund Dealers Association of Canada (the “MFDA”) announced that it has issued a Notice of Settlement Hearing dated July 15, 2022, regarding the presentation, review and consideration of a proposed settlement agreement by a Hearing Panel of the MFDA’s Pacific Regional Council.

The settlement agreement will be between Staff of the MFDA and Hui Chuan Lisa Hsu (the “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, between July 2017 and June 2019, the Respondent engaged in personal financial dealings with clients by borrowing monies from clients, which gave rise to conflicts or potential conflicts of interest that she failed to disclose to the Member or otherwise ensure were addressed by the exercise of responsible business judgment influenced only by the best interest of the clients, contrary to the policies and procedures of the Member and MFDA Rules 1.1.2, 2.1.1, 2.1.4[1], and 2.5.1.

The settlement hearing will take place electronically by videoconference on September 16, 2022, commencing at 10:00 a.m. (Pacific), or as soon thereafter as the matter can be held. Members of the public who would like to obtain further particulars should contact hearings@mfda.ca.

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 conducted business in the Richmond, 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 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.

[1] On June 30, 2021, MFDA Rule 2.1.4 was amended to conform with client-focused reform amendments to National Instrument 31-103 that came into effect on the same day. As the conduct addressed in this Notice of Settlement Hearing pre-dated the amendment to this Rule, the contravention concerns the version of the Rule that was in effect between February 27, 2006 and June 30, 2021.

DM 896438