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Charles Toth
Vice President, Enforcement
Jeff Mount
Vice-President, Pacific Region

New SRO Hearing Panel accepts settlement agreement with Jingshan (Sarah) He

March 7, 2023 (Toronto, Ontario) – A settlement hearing in the matter of Jingshan (Sarah) He (the “Respondent”) was held electronically by videoconference on February 15, 2023 in Vancouver, British Columbia before a three-member Hearing Panel of the Pacific District Hearing Committee of the New Self-Regulatory Organization of Canada (“New SRO”).

The Hearing Panel accepted the settlement agreement dated February 13, 2023 (the “Settlement Agreement”), between Staff of New SRO and the Respondent as a consequence of which the following sanctions were imposed on the Respondent:

  • a prohibition from conducting securities related business in any capacity while in the employ of or associated with any Member of the New SRO for a period of two years;
  • a fine in the amount of $20,000; and
  • costs in the amount of $5,000.

In the Settlement Agreement, the Respondent admitted that:

  1. between January 2018 and November 6, 2019, she engaged in unapproved outside activities, contrary to the Member’s policies and procedures and MFDA Rules 1.3, 2.1.1, and 1.1.2 (as it relates to Rule 2.5.1) (now Mutual Fund Dealer Rules 1.3, 2.1.1, 1.1.2, and 2.5.1);
  2. between January 2018 and November 2019, she engaged in personal financial dealings with clients, which gave rise to a conflict or potential conflict of interest that she failed to disclose to the Member or otherwise address by the exercise of responsible business judgment influenced only by the best interests of the client, contrary to MFDA Rules 2.1.4 and 2.1.1 (now Mutual Fund Dealer Rules 2.1.4 and 2.1.1); and
  3. in or about January 2019, she made false representations to the Member on an annual compliance questionnaire, contrary to MFDA Rule 2.1.1 (now Mutual Fund Dealer Rule 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 Burnaby, British Columbia 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 www.newselfregulatoryorganizationofcanada.ca.

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