MFDA Hearing Panel accepts settlement agreement with Antony Chau

TORONTO, April 28, 2022 /CNW/ - A settlement hearing in the matter of Antony Kin San Chau (the "Respondent") was held electronically by videoconference on April 26, 2022 in Toronto, Ontario before a three-member Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA").

The Hearing Panel accepted the settlement agreement dated April 20, 2022 (the "Settlement Agreement"), between Staff of the MFDA and the Respondent as a consequence of which the following sanctions were imposed on the Respondent:

• a prohibition from being an officer, director or acting in a supervisory capacity including without limitation acting as Ultimate Designated Person, Chief Compliance Officer, Branch Manager or Compliance Officer, while in the employ of or in association with a Member of the MFDA for a period of five years, commencing April 27, 2022;
• a fine in the amount of $20,000 ("Fine");
• costs in the amount of $7,500 ("Costs");
• payment of the Fine and Costs shall be made as follows:
• $2,500 (Fine) and $7,500 (Costs) in certified funds on April 27, 2022;
• $3,000 (Fine) on May 31, 2022;
• $3,000 (Fine) on June 30, 2022;
• $3,000 (Fine) on July 31, 2022;
• $3,000 (Fine) on August 31, 2022;
• $3,000 (Fine) on September 30, 2022;
• $2,500 (Fine) on October 31, 2022; and
• shall in the future comply with MFDA Rules 2.5.2 and 2.1.1.

In the Settlement Agreement, the Respondent admitted that:

a) between February 2016 and April 2017, he failed to fulfill his responsibilities as Ultimate Designated Person with respect to concerns that an Approved Person at the Member was not accurately recording Know-Your-Client information, contrary to MFDA Rules 2.5.2 and 2.1.1; and

b) commencing on or about October 30, 2016, while acting in the capacity as Ultimate Designated Person, he failed to take adequate steps to ensure the Member's compliance with the terms of an Order of a MFDA Hearing Panel dated July 8, 2014 in MFDA File No. 201406, contrary to the terms of the Order and MFDA Rules 2.5.2 and 2.1.1.

A copy of the Settlement Agreement is available on the MFDA website at www.mfda.ca. During the period described in the Settlement Agreement, the Respondent conducted business in the Toronto, Ontario 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.

SOURCE Mutual Fund Dealers Association of Canada

Charles Toth, Vice-President, Enforcement, 416-943-4619, [email protected]