MFDA Hearing Panel accepts settlement agreement with Xiao Feng Xin

TORONTO, April 18, 2022 /CNW/ - A settlement hearing in the matter of Xiao Feng Xin (the "Respondent") was held electronically by videoconference on April 13, 2022 in Vancouver, British Columbia before a three-member Hearing Panel of the Pacific Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA").

The Hearing Panel accepted the settlement agreement dated February 28, 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 conducting securities related business in any capacity while in the employ of or associated with any MFDA Member for a period of one year, commencing April 13, 2022;
• a fine in the amount of $10,000;
• costs in the amount of $5,000; and
• if the Respondent becomes registered again in the future, shall comply with MFDA Rules 2.1.1, 2.1.4, 2.5.1, and 1.1.2.

In the Settlement Agreement, the Respondent admitted that:

a)  in May 2018, without the authorization of a client, he opened an account, processed redemptions, and set up a pre-authorized purchase plan for a client, contrary to the Member's policies and procedures and MFDA Rules 2.1.4, 2.1.1, 2.5.1, and 1.1.2; and
b)  in May 2018, he 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.

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 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.

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]