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 August 26, 2022, 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 Sandra Rizovska-Spasik (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 the Respondent, between August 6, 2020 and November 9, 2020, cut and pasted client signatures from copies of account forms previously signed by clients onto 4 new account forms, and submitted the account forms to the Member for processing, contrary to MFDA Rule 2.1.1.
The settlement hearing will take place electronically by videoconference on September 22, 2022, commencing at 9:00 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].
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 Kitchener, 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.