Skip to Main Content

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: Magdalene Mun-Yin Wong

NOTICE OF SETTLEMENT HEARING

NOTICE is hereby given that an electronic hearing will be held before a hearing panel of the Central Regional Council (the “Hearing Panel”) of the Mutual Fund Dealers Association of Canada (the “MFDA”) on July 7, 2021 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 Magdalene Mun-Yin Wong (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.

PARTICULARS

  1. The proposed Settlement Agreement concerns allegations that:
    1. between October 19, 2015 and May 10, 2018, the Respondent cut and pasted 2 client signatures onto 2 new account forms, and submitted the account forms to the Member for processing, contrary to MFDA Rule 2.1.1;
    2. between February 23, 2018 and January 20, 2020, the Respondent altered and used to process transactions 9 account forms in respect of 7 clients by altering information on the account forms without having the client initial the alterations, contrary to MFDA Rule 2.1.1; and
    3. between August 16, 2018 and December 27, 2018, the Respondent obtained, possessed, and in some instances used to process transactions, 10 pre-signed account forms in respect of 6 clients, 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. If the Hearing Panel accepts the Settlement Agreement, then the proceeding will become open to the public and a copy of the decision of the Hearing Panel and the settlement agreement will be made available at mfda.ca.
  • 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
    E-mail: corporatesecretary@mfda.ca

822726