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IN THE MATTER OF A SETTLEMENT HEARING PURSUANT TO SECTION 24.4 OF BY-LAW NO. 1 OF THE MUTUAL FUND DEALERS ASSOCIATION OF CANADA

Re: Kenneth Daniel Foster

NOTICE OF SETTLEMENT HEARING

NOTICE is hereby given that a hearing will be held before a hearing panel of the Atlantic Regional Council (“Hearing Panel”) of the Mutual Fund Dealers Association of Canada (“MFDA”) in the hearing room at the Sheraton Hotel Newfoundland, 115 Cavendish Square, St. John’s, Newfoundland on January 23, 2020 at 10:00 a.m. (Newfoundland), or as soon thereafter as the matter can be heard, to consider whether, pursuant to section 24.4 of By-law No. 1 of the MFDA, the Hearing Panel should accept the settlement agreement (“Settlement Agreement”) entered into between Staff of the MFDA and Kenneth Daniel Foster (the “Respondent”).

The subject matter of the proposed Settlement Agreement concerns matters for which the Respondent may be disciplined as an Approved Person of the MFDA, pursuant to ss. 20 and 24.1.1 of By-law No. 1 of the MFDA.

PARTICULARS

  1. The proposed Settlement Agreement concerns allegations that the Respondent:
    1. between September 2013 and June 2019, obtained, possessed, and in some instances, used to process transactions, 96 pre-signed account forms in respect of eight clients, contrary to MFDA Rule 2.1.1; and
    2. on or about September 29, 2017, cut and pasted a client signature from an account form previously signed by the client, and maintained the account form in the client’s file, contrary to MFDA Rule 2.1.1.
  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.
  • Michelle Pong
    Michelle Pong
    Director, Regional Councils

    Mutual Fund Dealers Association of Canada
    121 King St. West, Suite 1000
    Toronto, ON M5H 3T9
    Telephone: 416-945-5134
    Fax: 416-361-9781
    E-mail: [email protected]

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