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For further information, please contact:

Charles Toth
Vice President, Enforcement
Mark Stott
Vice-President, Prairie Region

MFDA announces settlement hearing to take place in the matter of Andrey Belskiy

September 26, 2022 (Toronto, Ontario) – The Mutual Fund Dealers Association of Canada (“MFDA”) commenced a disciplinary proceeding in respect of Andrey Belskiy (the “Respondent”) by Notice of Hearing dated August 2, 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 Prairie Regional Council on November 2, 2022, commencing at 10:00 a.m. (Central), 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.

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:

  1. between September 22, 2015 and August 14, 2019, altered, and used to process transactions, 3 account forms in respect of 3 clients by altering information on the forms without having the client initial the alterations, contrary to MFDA Rule 2.1.1; and
  2. between April 8, 2015 and June 10, 2020, obtained, possessed, and used to process transactions, 26 pre-signed accounts forms in respect of 19 clients 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 the Winnipeg, Manitoba 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.

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