MFDA Hearing Panel accepts Settlement Agreement with Bick Financial Security
Corporation

TORONTO , Sept. 24 /CNW/ - A Settlement Hearing in the matter of Bick Financial Security Corporation (the "Respondent") was held today before a Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada (the "MFDA").

The Hearing Panel accepted the Settlement Agreement between the Respondent and MFDA Staff, as a consequence of which the Respondent:

    
    -   Has paid a fine in the amount of $10,000;
    -   Has paid the costs of the proceeding in the amount of $2,500; and
    -   Shall retain an independent monitor at its expense and in accordance
        with the terms set out in Schedule "B" to the Settlement Agreement to
        resolve all existing deficiencies and any deficiencies that the
        independent monitor identifies during its review.
    

The Hearing Panel will issue written reasons for its decision in due course. Copies of the Settlement Agreement and the Hearing Panel's Order are 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 145 Members and their approximately 75,000 Approved Persons with a mandate to protect investors and the public interest.

For further information: Shaun Devlin, Vice-President, Enforcement, [phone] or [email protected]