Skip to Main Content

News release

For further information, please contact:

Charles Toth
Vice President, Enforcement
Mark Stott
Vice-President, Prairie Region

MFDA Hearing Panel accepts settlement agreement with Andrey Belskiy

November 2, 2022 (Toronto, Ontario) – A settlement hearing in the matter of Andrey Belskiy (the “Respondent”) was held electronically by videoconference today in Winnipeg, Manitoba before a three-member Hearing Panel of the Prairie Regional Council of the Mutual Fund Dealers Association of Canada (“MFDA”).

The Hearing Panel accepted the settlement agreement dated September 12, 2022 (the “Settlement Agreement”), between Staff of the MFDA and the Respondent as a consequence of which the following sanctions were imposed on the Respondent:

  • a prohibition from conducting securities related business while in the employ of or in association with a Member of the MFDA for a period of nine months from November 2, 2022;
  • a fine in the amount of $5,000 (“Fine”);
  • costs in the amount of $2,500 (“Costs”);
  • payment of the Fine and Costs shall be made in instalments as follows:
  • $2,500 (Costs) on November 2, 2022;
  • $1,250 (Fine) on or before December 30, 2022;
  • $1,250 (Fine) on or before January 31, 2023;
  • $1,250 (Fine) on or before February 28, 2023;
  • $1,250 (Fine) on or before March 31, 2023; and
  • shall in the future comply with MFDA Rule 2.1.1.

In the Settlement Agreement, the Respondent admitted that:

  1. between September 22, 2015 and August 14, 2019, he altered, and used to process transactions, 3 account forms in respect of 3 clients by altering information on the forms without having the client initial the alterations, contrary to MFDA Rule 2.1.1; and
  2. between April 8, 2015 and June 10, 2020, he obtained, possessed, and used to process transactions, 26 pre-signed accounts forms in respect of 19 clients contrary to MFDA Rule 2.1.1.

A copy of the Settlement Agreement is available on the MFDA website at During the period described in the Settlement Agreement, the Respondent conducted business in the Winnipeg, Manitoba 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.

DM 898305