October 20, 2021 (Toronto, Ontario) – The Mutual Fund Dealers Association of Canada (“MFDA”) commenced a disciplinary proceeding in respect of Laura Lynn Monteiro (the “Respondent”) by Notice of Hearing dated July 16, 2021.
As the result of a settlement agreement entered into between Staff of the MFDA and the Respondent, a settlement hearing will take place before a Hearing Panel of the MFDA’s Pacific Regional Council by electronic hearing on November 9, 2021, commencing at 10:00 a.m. (Pacific), or as soon thereafter as the matter can be held. Members of the public who would like to obtain particulars should contact email@example.com.
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:
- in February 2017, processed 13 unauthorized trades in the accounts of 3 clients, contrary to policies and procedures of the Member and MFDA Rules 2.1.1, 2.5.1 and 1.1.2;
- between January 2017 and March 2017, 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;
- in February 2017, made unauthorized changes to Know-Your-Client Information of 3 clients, 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; and
- between January 2017 and March 2017, 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 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 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.