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News release

For further information, please contact:

Charles Toth
Vice President, Enforcement
Mark Stott
Vice-President, Prairie Region

New SRO Hearing Panel issues Reasons for Decision in the matter of Andrey Belskiy

February 20, 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 January 26, 2023 (“Reasons for Decision”), in connection with a settlement hearing held electronically by videoconference in Winnipeg, Manitoba on November 2, 2022, in the matter of Andrey Belskiy (the “Respondent”).

In its Reasons for Decision, the Hearing Panel confirmed the sanctions imposed on the Respondent. In particular, the Respondent:

  • has been prohibited from conducting securities related business in any capacity while in the employ of or associated with any Dealer Member registered as a mutual fund dealer (formerly Members of the MFDA) for a period of nine (9) months, commencing November 2, 2022;
  • has paid costs of $2,500;
  • shall pay a fine of $5,000, payable in instalments as follows:
    • has paid $1,250 on December 30, 2022;
    • has paid $1,250 on January 30, 2023;
    • $1,250 on or before February 28, 2023; and
    • $1,250 on or before March 31, 2023.

A copy of the Reasons for Decision is available on the MFDA website at During the period described in the Reasons for Decision, 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

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