May 12, 2020 (Toronto, Ontario) – Today the MFDA released its 2019 Annual Enforcement Report which highlights the MFDA’s enforcement activities in combating unsuitable investment recommendations, falsification, unauthorized outside business activities and other securities regulatory breaches.
“I am pleased to present the Annual Enforcement Report for 2019 which demonstrates the MFDA’s continued commitment to protect investors and hold those who breach MFDA rules accountable for their misconduct,” 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 2019.
Highlights of the MFDA’s 2019 Annual Enforcement Report include:
- 120 disciplinary proceedings completed
- Concluded hearings resulted in 22 permanent prohibitions and 56 suspensions against Approved Persons and total fines of $9,298,603 and $558,425 in costs against Members and Approved Persons.
- 32% of proceedings commenced in 2019 involved seniors or vulnerable persons
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 81,000 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.