MFDA Hearing Panel accepts settlement agreement with Ping-Chung Peter Chiu

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Mutual Fund Dealers Association of Canada

Jan 29, 2021, 16:12 ET

TORONTO, Jan. 29, 2021 /CNW/ - A settlement hearing in the matter of Ping-Chung Peter Chiu  ("Respondent") was held by electronic hearing on January 27, 2021, 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 November 30, 2020 ("Settlement Agreement") between Staff of the MFDA and the Respondent, as a consequence of which the following sanctions were imposed on the Respondent:

  • a fine in the amount of $16,000;
  • costs in the amount of $2,500;
  • shall be permanently prohibited from acting as a branch manager or in any supervisory capacity for a Member of the MFDA; and
  • shall in the future comply with MFDA Rules 2.5.5(f) and 2.1.1.

In the Settlement Agreement, the Respondent admitted that:

a)

between February 2014 and February 2017, he, acting in his capacity as branch manager, reviewed and approved the use of 27 altered account forms, contrary to MFDA Rules 2.5.5(f) and 2.1.1; and

b)

between July 2014 and October 2016, he altered and used to process transactions, 4 account forms in respect of 3 clients by altering information on the account forms without having the client initial the alterations, contrary to MFDA Rule 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 out of 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 81,000 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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Mutual Fund Dealers Association of Canada

The Mutual Fund Dealers Association of Canada (MFDA) is the national self-regulatory organization (SRO) for the distribution side of the Canadian mutual fund industry. It was established in June 1998 at the initiative of the Canadian Securities Administrators. The MFDA...