NOTICE is hereby given that a hearing will be held electronically by videoconference before a hearing panel of the Prairie Regional Council (the “Hearing Panel”) of the Mutual Fund Dealers Association of Canada (the “MFDA”) on December 20, 2022 at 10:00 a.m. (Central), 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 Funds Direct Canada 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:
- between October 1, 2019 and September 30, 2020, failed to conduct or maintain evidence of tier-one trade supervision, contrary to MFDA Rules 2.2.1(c), 2.5, and MFDA Policy No. 2;
- between October 1, 2019 and September 30, 2020, failed to ensure that tier-one trade supervision was conducted on a timely basis, contrary to MFDA Rules 2.2.1(c), 2.5, and MFDA Policy No. 2; and
- between March 11, 2019 and December 2, 2020, failed to adequately resolve supervisory queries, and resolve queries on a timely basis, contrary to MFDA Rules 2.2.1(c), 2.5, and MFDA Policy No. 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 PongMichelle PongDirector, Regional Councils