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 January 20, 2022 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 Qanoot Subzwari (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:
- between February 2019 and May 2019, the Respondent set up pre-authorized contributions in the accounts of clients without the knowledge or authorization of the clients in order to meet sales targets or to qualify for a bonus based on Member sales incentives, thereby failing to deal fairly, honestly and in good faith with clients, failing to observe high standards of conduct in the transaction of business and engaging in conduct which is unbecoming and detrimental to the public interest, contrary to MFDA Rule 2.1.1; and
- between February 2019 and May 2019, the Respondent entered false or misleading information on account forms submitted to the Member which falsely indicated that clients authorized the implementation of pre-authorized contributions in the clients’ accounts, 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. 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 PongMichelle PongDirector, Regional Councils
Mutual Fund Dealers Association of Canada
121 King St. West, Suite 1000
Toronto, ON M5H 3T9
E-mail: [email protected]