New SRO issues Notice of Settlement Hearing in respect of Bernard Phanthavong
March 8, 2023 (Toronto, Ontario) – The New Self-Regulatory Organization of Canada (“New SRO”) announced that it has issued a Notice of Settlement Hearing dated February 1, 2023, regarding the presentation, review and consideration of a proposed settlement agreement by a Hearing Panel of the New SRO’s Manitoba District Hearing Committee.
The settlement agreement will be between Staff of the New SRO and Bernard Kevin Phanthavong (the “Respondent”) and involves matters for which the Respondent may be disciplined by a Hearing Panel pursuant to Mutual Fund Dealer Rule 7.4.4. The proposed settlement agreement concerns allegations that between February 2018 to June 2018, the Respondent altered client contact information on the Dealer Member’s system without the knowledge or authorization of the client, which had the effect of interfering with the Member’s supervision of the Respondent and impacted its ability to communicate with clients, contrary to Mutual Fund Dealer Rules 2.1.1 and 2.1.4(2).[i]
The settlement hearing will take place electronically by videoconference on March 27, 2023, 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 firstname.lastname@example.org.
MFDA settlement hearings are typically held in the absence of the public pursuant to Mutual Fund Dealer Rule 7.3.5 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 Winnipeg, Manitoba area.
New Self-Regulatory Organization of Canada is the national self-regulatory organization that oversees all investment dealers, mutual fund dealers and trading activity on Canada’s debt and equity marketplaces. New SRO is carrying on the regulatory functions of the Investment Industry Regulatory Organization of Canada and the Mutual Fund Dealers Association of Canada, and is committed to the protection of investors, providing efficient and consistent regulation, and building Canadians’ trust in financial regulation and the people managing their investments. For more information, visit www.newselfregulatoryorganizationofcanada.ca.
[i] At the time of the conduct addressed in this proceeding, MFDA Rules 2.1.1 and 2.1.4 were in effect and are now incorporated in Mutual Fund Dealer Rules 2.1.1 and 2.1.4(2). On June 30, 2021, amendments to MFDA Rule 2.1.4 came into effect. As the conduct addressed in this proceeding pre-dated the amendment to that Rule, the version of MFDA Rule 2.1.4 that was in effect between February 27, 2006 and June 30, 2021 is applicable to this proceeding.