December 14, 2022 (Toronto, Ontario) – A Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada (the “MFDA”) has issued its Reasons for Decision dated December 9, 2022 (“Reasons for Decision”), in connection with a settlement hearing held electronically by videoconference in Toronto, Ontario on November 3, 2022, in the matter of Margaret Sau-Ching Cheng (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 $12,500;
- has paid costs of $2,500;
- has been prohibited from acting as a branch manager or in any supervisory capacity for a Member of the MFDA for a period of six months, expiring May 2, 2023;
- shall complete the Investment Dealer Supervisors Course offered by the Canadian Securities Institute prior to acting as a branch manager or in any supervisory capacity in the future; and
- shall in the future comply with MFDA Rule 2.1.1.
A copy of 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 conducted business in the Markham, Ontario 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 76,695 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.