News Release

For immediate release
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For further information, please contact:

Marco Wynnyckyj

Director, Hearings

(416) 945-5146

MFDA Hearing Panel reserves judgment on sanctions in the matter of Edward MacDermaid

September 8, 2021 (Toronto, Ontario) – The Mutual Fund Dealers Association of Canada (“MFDA”) commenced a disciplinary proceeding in respect of Edward Henry MacDermaid (“Respondent”) by Notice of Hearing dated May 17, 2021.

A disciplinary hearing in this matter was held today in Bathurst, New Brunswick by electronic hearing before a three-member Hearing Panel of the MFDA’s Atlantic Regional Council. Prior to the hearing, the parties filed an Agreed Statement of Facts dated July 22, 2021 (“Agreed Statement of Facts”), in which the Respondent admitted to facts constituting contraventions of MFDA By-laws, Rules or Policies, for which the Respondent could be penalized by a Hearing Panel pursuant to section 24.1 of MFDA By-law No. 1. In particular, the Respondent admitted that:

  1. Between December 15, 2014 and October 25, 2019, he photocopied signature pages from account forms that had been signed by clients and re-used the signature pages to complete 48 additional forms in respect of 18 clients, contrary to MFDA Rule 2.1.1.
  2. Between February 29, 2018 and March 22, 2018, he altered and used to process transactions 2 account forms in respect of 2 clients by altering information on the account forms without having the client initial the alterations, contrary to MFDA Rule 2.1.1.
  3. Between March 2, 2015 and August 24, 2017, he obtained, possessed, and used to process transactions, 6 pre-signed account forms in respect of 4 clients, contrary to MFDA Rule 2.1.1.

Following submissions from the parties concerning penalty, the Hearing Panel reserved its decision as to sanctions and advised that it will issue its decision along with written reasons in due course.

Copies of the Notice of Hearing and the Agreed Statement of Facts are available on the MFDA website at During the period described in the Agreed Statement of Facts, the Respondent conducted business in the Bathurst, New Brunswick 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.