August 18, 2020 (Toronto, Ontario) – A settlement hearing in the matter of Kenneth Allan Parker (“Respondent”) was held by electronic hearing on August 18, 2020 in Calgary, Alberta before a three-member Hearing Panel of the Prairie Regional Council of the Mutual Fund Dealers Association of Canada (“MFDA”).
The Hearing Panel accepted the settlement agreement dated August 6, 2020 (“Settlement Agreement”) between Staff of the MFDA and the Respondent, as a consequence of which the following sanctions were imposed on the Respondent:
- a fine in the amount of $20,000;
- costs in the amount of $5,000,and
- shall comply with MFDA Rule 2.5.3(b), if the Respondent becomes registered as Chief Compliance Officer of a Member of the MFDA in the future.
In the Settlement Agreement, the Respondent admitted that between April 2014 and February 2016, he submitted annual reports to the Board which failed to accurately report on the status of branch and sub-branch reviews required to be completed by the Member in order to comply with MFDA Policy No. 5, thereby failing to carry out his responsibilities as Chief Compliance Officer, and hindering the ability of the Member to assess its compliance with MFDA By-laws, Rules, Policies, and applicable securities legislation, contrary to MFDA Rule 2.5.3(b)(iv).
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.