MFDA Announces Disciplinary Proceeding in Respect of TeamMax Investment Corp.
TORONTO, Dec. 1, 2021 /CNW/ - The Mutual Fund Dealers Association of Canada (the "MFDA") has commenced disciplinary proceedings in respect of TeamMax Investment Corp. (the "Respondent"). In its Notice of Hearing dated November 11, 2021 (the "Notice of Hearing"), Staff of the MFDA alleges that the Respondent engaged in the following conduct contrary to the By-laws, Rules and/or Policies of the MFDA:
Allegation #1: Between February 2016 and April 2017, the Respondent failed to adequately supervise an Approved Person with respect to concerns the Approved Person was not accurately recording client Know-Your-Client information, contrary to MFDA Rules 2.5.1, 2.2.1, 2.1.2 and MFDA Policy No. 3.
Allegation #2: Commencing on or about October 30, 2016, the Respondent failed to ensure its compliance with the terms of an Order of a MFDA Hearing Panel, dated July 8, 2014, in MFDA File No. 201406, contrary to MFDA Rules 2.1.1 and 2.1.2.
Allegation #3: Between March 2017 and October 2019, the Respondent failed to implement a Branch Review Program compliant with the requirements set out in MFDA Policy No. 5, MFDA Rule 2.5.1, and the Respondent's policies and procedures.
Allegation #4: From in or about January 2018 to October 2020, the Respondent failed to adequately detect and query uniformity in the Know-Your-Client information recorded by its Approved Persons, contrary to MFDA Rule 2.2.1 and MFDA Policy No. 2.
The first appearance in this proceeding will take place by teleconference before a Hearing Panel of the MFDA's Central Regional Council on January 11, 2022 at 10:00 a.m. (Eastern), or as soon thereafter as the appearance can be held, to schedule a date for the commencement of the hearing on the merits and to address any other procedural issues. The appearance will be open to the public, except as may be required for the protection of confidential matters. Members of the public who would like to listen to the teleconference should contact [email protected] to obtain particulars.
A copy of the Notice of Hearing is available on the MFDA website at www.mfda.ca.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its Members and their approximately 80,000 Approved Persons with a mandate to protect investors and the public interest. For more information about the MFDA's complaint and enforcement processes, as well as links to 'Check an Advisor' and other Investor Tools, visit the For Investors page on the MFDA website.
SOURCE Mutual Fund Dealers Association of Canada
Charles Toth, Vice-President, Enforcement, 416-943-4619, [email protected]
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