July 13, 2022 (Toronto, Ontario) – Today the MFDA released its 2021 Annual Enforcement Report which highlights the MFDA’s enforcement activities in combating unsuitable investment recommendations, falsification, unauthorized outside activities and other securities regulatory breaches.
“I am pleased to present the Annual Enforcement Report for 2021 which sets out the accomplishments of the MFDA Enforcement Department which continues to effectively fulfill its investor protection mandate by holding those who breach MFDA rules accountable,” said MFDA President and CEO Mark Gordon.
The report includes information about how the MFDA Enforcement Department operates, its key achievements, and describes significant disciplinary cases completed in 2021.
Highlights of the MFDA’s 2021 Annual Enforcement Report include:
- 91 disciplinary proceedings commenced (up from 79 in 2020);
- 95 disciplinary hearings concluded (up from 77 in 2020);
- A 45% fine collection rate (up from 29% in 2020); and
- Concluded hearings resulting in 19 permanent prohibitions and 35 suspensions against Approved Persons and total fines of $4,326,670 and $433,163 in costs against Members and Approved Persons.
The 2021 Annual Enforcement Report is now available on the MFDA’s 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 Members and their approximately 80,000 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.