MFDA announces disciplinary proceeding in respect of Xiao Feng Xin

TORONTO, Dec. 20, 2021 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") has commenced disciplinary proceedings in respect of Xiao Feng Xin (the "Respondent"). In its Notice of Hearing dated December 15, 2021 ("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: In May 2018, the Respondent opened a new account, processed redemptions, and set up a pre-authorized purchase plan for a client without the authorization of the client, contrary to the Member's policies and procedures and MFDA Rules 2.5.1, 1.1.2, 2.1.1, or 2.1.4.[1]

Allegation #2: In May 2018, the Respondent signed a client's signature on two account forms and submitted the account forms to the Member for processing, contrary to MFDA Rule 2.1.1.

The first appearance in this proceeding will take place by teleconference before a Hearing Panel of the MFDA's Pacific Regional Council on March 2, 2022 at 10:00 a.m. (Pacific), 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. During the period described in the Notice of Hearing, the Respondent carried on business in the New Westminster, British Columbia area.

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.

[1] On June 30, 2021, MFDA Rule 2.1.4 was amended to conform with client focused reform amendments to National Instrument 31-103 that came into effect on the same day.  As the conduct addressed in this Notice of Hearing pre-dated the amendment to this Rule, all allegations set out in this Notice of Hearing that make reference to that Rule concern the version of the Rule that was in effect between February 27, 2006 and June 30, 2021.

SOURCE Mutual Fund Dealers Association of Canada

Charles Toth, Vice-President, Enforcement, 416-943-4619, [email protected] ; Jeff Mount, Vice-President, Pacific Region, 604-694-8846, [email protected]