MFDA Hearing Panel issues Reasons for Decision in the matter of Romina Romano
December 11, 2017 (Toronto, Ontario) – A Hearing Panel of the Pacific Regional Council of the Mutual Fund Dealers Association of Canada (“MFDA”) has issued its Reasons for Decision in connection with a disciplinary hearing held in Vancouver, British Columbia on November 22, 2017 in the matter of Romina Romano (“Respondent”).
In its Reasons for Decision dated December 8, 2017, the Hearing Panel confirmed the sanctions imposed on the Respondent. In particular, the Respondent:
- is prohibited from conducting securities related business in any capacity while in the employ of or associated with any MFDA Member for a period of one (1) month, commencing from the date of the Hearing Panel’s Order;
- shall successfully complete the Branch Manager Course offered by the Canadian Securities Institute prior to being designated as a Branch Manager;
- shall pay a fine in the amount of $1,000; and
- shall pay costs in the amount of $2,500.
In the Agreed Statement of Facts dated August 18, 2017, the Respondent admitted that:
- on January 29, 2015, she signed the signatures of two (2) clients on three (3) account forms and submitted the forms for processing, contrary to MFDA Rule 2.1.1; and
- in or about March 2014, she obtained, possessed and used 1 pre-signed account form in order to process a transaction on behalf of one (1) client, contrary to MFDA Rule 2.1.1.
Copies of the Agreed Statement of Facts and the Reasons for Decision are available on the MFDA website at www.mfda.ca. During the period described in the Reasons for Decision, the Respondent carried on business in the Vancouver, British Columbia 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 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.