File No. 202110
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: Lucia Arruda
NOTICE OF SETTLEMENT HEARING
NOTICE is hereby given that an electronic hearing will be held before a hearing panel of the Pacific Regional Council (“Hearing Panel”) of the Mutual Fund Dealers Association of Canada (“MFDA”) on July 12, 2021 at 10:00 a.m. (Pacific), 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 Lucia (Lucy) Arruda (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 24.1.2 of By-law No. 1 of the MFDA.
- The proposed Settlement Agreement concerns allegations that the Respondent:
- On or about May 29, 2019, processed a trade in the account of a client without discussing all the elements of the trade with the client, contrary to the Member’s policies and procedures and MFDA Rules 2.3.1(b), 1.1.2, 2.5.1, and 2.1.1; and
- On May 29, 2019, altered cheques received from a client for investment, signed the initials of two clients next to the alterations, and submitted the cheques to the Member for processing, 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: Mar 17, 2021
Director, Regional Councils
Mutual Fund Dealers Association of Canada
121 King St. West, Suite 1000
Toronto, ON M5H 3T9