File No. 202029
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: Frank Siu-Cheong Pa
NOTICE OF SETTLEMENT HEARING
NOTICE is hereby given that an electronic hearing will be held before a hearing panel of the Central Regional Council (“Hearing Panel”) of the Mutual Fund Dealers Association of Canada (“MFDA”) on June 25, 2020 at 10:00 a.m. (Eastern), 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 Frank Siu-Cheong Pa (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 sections 20 and 24.1.1 of By-law No. 1 of the MFDA.
- The proposed Settlement Agreement concerns allegations that:
- the Respondent engaged in outside business activities without prior written approval from the Member, contrary to the policies and procedures of the Member and MFDA Rules 1.2.1(d) [now Rule 1.3.2], 2.10, 2.5.1 and 1.1.2;
- the Respondent engaged in securities related business that was not carried on for the account of the Member or processed through the facilities of the Member, contrary to MFDA Rule 1.1.1(a); and
- the Respondent provided inaccurate responses to the Member on compliance questionnaires, contrary to MFDA Rule 2.1.1.
- 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.
DATED: Jun 3, 2020
Director, Regional Councils
Mutual Fund Dealers Association of Canada
121 King St. West, Suite 1000
Toronto, ON M5H 3T9