March 27, 2017 (Toronto, Ontario) – A Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada (“MFDA”) has issued its Reasons for Decision (“Reasons for Decision”) in connection with a settlement hearing held in Toronto, Ontario on March 7, 2017 in the matter of HollisWealth Advisory Services Inc. (the “Respondent”). The Reasons for Decision relate to the Hearing Panel’s acceptance of the settlement agreement (the “Settlement Agreement”) entered into between the Respondent and Staff of the MFDA. In its Reasons for Decision dated March 27, 2017, the Hearing Panel confirmed the sanctions imposed on the Respondent:
- a fine in the amount of $130,000;
- costs in the amount of $20,000; and
- shall in future comply with MFDA Rules 2.1.1, 2.1.2, 2.3.1 and 2.2.1, and MFDA Policy No. 2.
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 83,000 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.
DM 532113 v1