News release

May 24, 2023 (Toronto, Ontario) – The Mutual Fund Dealers Association of Canada (“MFDA”), now New Self-Regulatory Organization of Canada (“New SRO”), commenced a disciplinary proceeding in respect of Baljit Bassi Rana (the “Respondent”) by Notice of Hearing dated March 20, 2023 (the “Notice of Hearing”).

As a result of a settlement agreement entered into between Staff of the New SRO and the Respondent, a settlement hearing will take place electronically by videoconference before a Hearing Panel of the New SRO’s British Columbia District Hearing Committee on May 25, 2023, 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.

The subject matter of the proposed settlement agreement concerns matters for which the Respondent may be disciplined pursuant to Rules 7.3 and 7.4.1.1 of the Mutual Fund Dealer Rules. In particular, the settlement agreement concerns the allegations that the Respondent:

1. on February 16, 2019, the Respondent photocopied the signature pages from account forms previously signed by two clients and reused the signature pages on four account forms and submitted the forms to the Dealer Member for processing, contrary to Mutual Fund Dealer Rule 2.1.1 (formerly MFDA Rule 2.1.1);
2. between March 22, 2018 and June 2, 2020, the Respondent altered and used to process transactions seven account forms in respect of seven clients, by altering information on the account forms without having the client initial the alterations, contrary to Mutual Fund Dealer Rule 2.1.1 (formerly MFDA Rule 2.1.1), and
3. between November 28, 2016 and January 13, 2021, the Respondent obtained, possessed, and in some instances used to process transactions, 11 pre-signed account forms in respect of 9 clients, contrary to Mutual Fund Dealer Rule 2.1.1 (formerly MFDA Rule 2.1.1).

Settlement hearings of the New SRO 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 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 Golden, British Columbia 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.

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