October 14, 2020 (Toronto, Ontario) – A Hearing Panel of the Pacific Regional Council of the Mutual Fund Dealers Association of Canada (“MFDA”) has issued its Reasons for Decision dated October 13, 2020 (“Reasons for Decision”) in connection with a settlement hearing held by electronic hearing in Vancouver, British Columbia on May 13, 2020 in the matter of Rohit Jaswal (“Respondent”).
In its Reasons for Decision, the Hearing Panel confirmed the sanctions imposed on the Respondent. In particular, the Respondent:
- shall be prohibited from conducting securities related business in any capacity while in the employ of or associated with any MFDA Member for a period of 6 months;
- shall pay a fine of $5,000 (“Fine”);
- shall pay costs of $2,500 (“Costs”);
- payment of the Fine and Costs shall be made as follows:
- $1,500 (Costs) payable upon acceptance of the Settlement Agreement;
- $1,000 (Costs) on or before June 30, 2020;
- $1,000 (Fine) on or before July 31, 2020;
- $1,000 (Fine) on or before August 31, 2020;
- $1,000 (Fine) on or before September 30, 2020;
- $1,000 (Fine) on or before October 30, 2020;
- $1,000 (Fine) on or before November 30, 2020; and
- if the Respondent becomes registered again in the future, he shall in the future comply with MFDA Rules 2.1.1, 2.3.1(b), 2.5.1, 2.10 and 1.1.2.
A copy of the Reasons for Decision is available on the MFDA website at www.mfda.ca. During the period described in the Reasons for Decision, 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.