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 August 5, 2020 at 10:00 a.m. (Eastern), or as soon thereafter as the hearing can be held, to consider whether, pursuant to section 24.4 of By-law No. 1 of the MFDA, the Hearing Panel should accept the settlement agreement (the “Settlement Agreement”) entered into between Staff of the MFDA and PEAK Investment Services Inc. (the “Respondent”).
The subject matter of the proposed Settlement Agreement concerns matters for which the Respondent may be disciplined as a Member of the MFDA, pursuant to sections 20 and 24.1.2 of By-law No. 1 of the MFDA.
- The proposed Settlement Agreement concerns allegations that:
- the Respondent failed to ensure that on-site branch and sub-branch reviews occurred at each of the Respondent’s business locations in accordance with the requirements set out in MFDA Rules 2.5.1, MFDA Policy No. 5 and the Respondent’s policies and procedures;
- the Respondent failed to implement adequate policies, procedures and internal controls to ensure that it complied with its obligations to make mandatory reports to the MFDA on the Member Event Tracking System (“METS”) on a timely basis, contrary to MFDA Policy No. 6 and MFDA Rule 1.4(a); and
- the Respondent failed to conduct adequate or timely supervisory investigations after discovering potential misconduct by its Approved Persons, contrary to MFDA Rule 2.5.1 and MFDA Policy No. 3.
- 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 PongMichelle PongDirector, Regional Councils
Mutual Fund Dealers Association of Canada
121 King St. West, Suite 1000
Toronto, ON M5H 3T9
E-mail: [email protected]