News Release

For immediate release
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For further information, please contact:

Charles Toth

Vice President, Enforcement

(416) 943-4619

ctoth@mfda.ca

Jeff Mount

Vice-President, Pacific Region

(604) 694-8846

jmount@mfda.ca

MFDA announces disciplinary proceeding in respect of Laura Monteiro

August 16, 2021 (Toronto, Ontario) – The Mutual Fund Dealers Association of Canada (“MFDA”) has commenced disciplinary proceedings in respect of Laura Lynn Monteiro (the “Respondent”). In its Notice of Hearing dated July 16, 2021 (“Notice of Hearing”), Staff of the MFDA alleges that the Respondent engaged in the following conduct contrary to the By-laws, Rules and/or Policies of the MFDA:

Allegation #1: In February 2017, the Respondent processed 13 switches in the accounts of 3 clients without obtaining the clients’ authorization, contrary to the policies and procedures of the Member and MFDA Rules 2.1.1, 2.5.1 and 1.1.2.

Allegation #2: Between January 2017 and March 2017, the Respondent processed 34 switches in the accounts of 8 clients, without obtaining client instructions in respect of the timing of the switches, thereby engaging in discretionary trading, contrary to the policies and procedures of the Member and MFDA Rules 2.3.1(b), 2.1.1, 2.5.1 and 1.1.2.

Allegation #3: In February 2017, the Respondent made changes to Know-Your-Client Information of 3 clients without obtaining the clients’ authorization, thereby failing to use due diligence to learn and accurately record the essential facts relative to each client and to each order or account accepted, contrary to MFDA Rules 2.2.1 and 2.1.1.

Allegation #4: Between January 2017 and March 2017, the Respondent failed to document and maintain records of Know-Your-Client information that she obtained with respect to the accounts of 9 clients, contrary to the Member’s policies and procedures and MFDA Rules 2.1.1, 2.5.1, 1.1.2 and MFDA Policy No. 2.

The first appearance in this proceeding will take place by teleconference before a Hearing Panel of the MFDA’s Pacific Regional Council on October 15, 2021 at 9:00 a.m. (Pacific), or as soon thereafter as the appearance can be held, to schedule a date for the commencement of the hearing on the merits and to address any other procedural issues. The appearance will be open to the public, except as may be required for the protection of confidential matters. Members of the public who would like to listen to the teleconference should contact hearings@mfda.ca to obtain particulars.

A copy of the Notice of Hearing is available on the MFDA website at www.mfda.ca. During the period described in the Notice of Hearing, 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 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.