March 17, 2017 (Toronto, Ontario) – A settlement hearing in the matter of Peter Ewens (the “Respondent”) was held on March 16, 2017 in Vancouver, British Columbia before a three-member Hearing Panel of the Pacific Regional Council of the Mutual Fund Dealers Association of Canada (“MFDA”).
The Hearing Panel accepted the settlement agreement (the “Settlement Agreement”) between Staff of the MFDA and the Respondent, as a consequence of which the following penalties and costs were imposed:
- a fine in the amount of $11,500;
- costs in the amount of $2,500;
- shall in future comply with MFDA Rules 2.3.1 and 2.1.1.
In the Settlement Agreement, the Respondent admitted that between November 29, 2013 and August 2014, he processed approximately 53 authorized discretionary trades as part of a dollar-cost averaging strategy in relation to one (1) client, contrary to MFDA Rules 2.3.1 and 2.1.1.
A copy of the Settlement Agreement is available on the MFDA website at www.mfda.ca. During the period described in the Settlement Agreement, the Respondent carried on business in the Vancouver, British Columbia 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 83,000 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.