release-NOH201105

For further information, please contact:

Shaun Devlin Vice-President, Enforcement 416-943-4672 or sdevlin@mfda.ca

NEWS RELEASE

For immediate release

MFDA issues Notice of Hearing regarding Hsi Chun Chiang

March 28, 2011 (Toronto, Ontario) – The Mutual Fund Dealers Association of Canada today announced that it has commenced disciplinary proceedings against Hsi Chun Chiang (the “Respondent”). MFDA staff alleges in its Notice of Hearing that the Respondent engaged in the following conduct contrary to the By-laws, Rules or Policies of the MFDA:

Allegation #1: Between July 2007 and February 4, 2009, Chiang had and continued in another gainful occupation that was not disclosed to and approved by the Member by:

Canada China Environment Inc. (Canada) (“FCCE Canada”); and (iii) acting as President, CEO and director for an American corporation known as Future Canada China Environment Inc. (USA) (“FCCE USA”);

contrary to MFDA Rules 1.2.1(d) and 2.1.1.

Allegation #2: Between July 2007 and February 27, 2009, Chiang engaged in securities related business that was not carried on for the account and through the facilities of the Member by selling, recommending or facilitating the sale of shares in Maple Leaf, FCCE Canada and FCCE USA to clients and other individuals, contrary to MFDA Rules 1.1.1(a) and 2.1.1.

Allegation #3: Between July 2007 and February 27, 2009, Chiang engaged in activities that gave rise to conflicts or potential conflicts of interest between her interests and the interests of clients, which conflicts she failed to address by the exercise of responsible business judgment influenced only by the best interests of the clients by:

(iii) selling, recommending, facilitating or referring the sale of FCCE USA shares to clients JCWW, MCYF, TML and CCC while she was a shareholder, officer and director of FCCE USA;

contrary to MFDA Rules 2.1.4, 2.4.2 and 2.1.1.

Allegation #4: From July 19, 2007 to October 23, 2007, Chiang engaged in trading activity that was not permitted by the terms of her registration as a mutual fund salesperson by selling Maple Leaf shares held by client FYCC and FYCC’s husband, AT, in an online trading account at TD Waterhouse pursuant to FYCC’s and AT’s request, contrary to MFDA Rule

2.1.1.

Allegation #5: Commencing February 4, 2009, Chiang interfered with the ability of the Member to conduct a reasonable supervisory investigation relating to her involvement in Maple Leaf, FCCE Canada and FCCE USA by failing to respond truthfully and completely to inquiries from the Member and withholding relevant information concerning the subject matter of the investigation from the Member, contrary to MFDA Rules 1.1.2 and 2.11 and MFDA Rule 2.1.1.

The first appearance in this matter will take place by teleconference before a Hearing Panel of the MFDA’s Pacific Regional Council on July 7, 2011 at 10:00 a.m. (Pacific) in the Hearing Room located in the MFDA offices at 650 West Georgia Street, Suite 1220, Vancouver, British Columbia.

The purpose of the first appearance is to schedule a date for the commencement of the hearing on its merits and to address any other procedural matters, and will be open to the public, except as may be required for the protection of confidential matters.

A copy of the Notice of Hearing is available on the MFDA website at www.mfda.ca.

The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 136 Members and their approximately 75,000 Approved Persons with a mandate to protect investors and the public interest.

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