New SRO Hearing Panel issues Reasons for Decision in the matter of MD Sabab Alam
February 23, 2023 (Toronto, Ontario) – A Hearing Panel of the Mutual Fund Dealers Association of Canada, now New Self-Regulatory Organization of Canada (“New SRO”), has issued its Reasons for Decision dated February 9, 2023 (“Reasons for Decision”), in connection with a settlement hearing held electronically by videoconference in Calgary, Alberta on September 27, 2022, in the matter of MD Sabab Alam (the “Respondent”).
In its Reasons for Decision, the Hearing Panel confirmed the sanctions imposed on the Respondent. In particular, the Respondent:
- has paid a fine of $9,000;
- has paid costs of $5,000; and
- shall in the future comply with MFDA Rules 2.1.1, 2.3.1, and 1.1.2 (as it relates to Rule 2.5.1).
A copy of the Reasons for Decision is available on the MFDA website at www.mfda.ca. During the period described in the Reasons for Decision, the Respondent conducted business in the Calgary, Alberta 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.