May 12, 2020 (Toronto, Ontario) – The Mutual Fund Dealers Association of Canada (“MFDA”) commenced a disciplinary proceeding in respect of Rohit Jaswal (“Respondent”) by Notice of Hearing dated November 12, 2019.
As the result of a settlement agreement entered into between Staff of the MFDA and the Respondent, a settlement hearing will take place by electronic hearing on May 13, 2020 at 9:30 a.m. (Pacific), or as soon thereafter as the matter can be held. Members of the public who would like to participate should contact firstname.lastname@example.org to obtain particulars.
The subject matter of the proposed settlement agreement concerns matters for which the Respondent may be disciplined pursuant to ss. 20 and 24.1.1 of By-law No. 1 of the MFDA. In particular, the settlement agreement concerns allegations that the Respondent:
- between June 23, 2017 and July 17, 2017, processed five unauthorized trades in the investment accounts of four clients, contrary to the policies and procedures of the Member and MFDA Rules 2.3.1(b), 2.1.1, 2.5.1, 2.10 and 1.1.2; and
- between May and June 2017, obtained, possessed, and used to process transactions, seven pre-signed account forms in respect of four clients, contrary to the policies and procedures of the Member and MFDA Rules 2.1.1, 2.5.1, 2.10 and 1.1.2.
MFDA settlement hearings are typically held in the absence of the public pursuant to section 20.5 of MFDA By-law No. 1 and Rule 15.2(2) of the MFDA Rules of Procedure. If the Hearing Panel accepts the settlement agreement, then the proceeding will become open to the public and a copy of the decision of the Hearing Panel and the settlement agreement will be made available at www.mfda.ca.
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 Surrey, 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 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.