July 31, 2023 (Toronto, Ontario) – A Hearing Panel of the Mutual Fund Dealers Association of Canada, Canadian Investment Regulatory Organization (“CIRO”), has issued its Reasons for Decision dated June 29, 2023 (“Reasons for Decision”), in connection with a settlement hearing held electronically by videoconference in Regina, Saskatchewan on December 20, 2022, in the matter of Funds Direct Canada Inc. (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 in the amount of $30,000 (“Fine”);
- has paid costs in the amount of $5,000 (“Costs”); and
- shall in the future comply with all MFDA By-laws, Rules and Policies, and all applicable securities legislation and regulations made thereunder, including MFDA Rules 2.2.1, 2.5, and MFDA Policy No. 2.
Canadian Investment Regulatory Organization is the national self-regulatory organization that oversees all investment dealers, mutual fund dealers and trading activity on Canada’s debt and equity marketplaces. CIRO 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.ciro.ca.