MFDA Hearing Panel issues Reasons for Decision in the matter of David Nichol

TORONTO, July 7, 2022 /CNW/ - A Hearing Panel of the Prairie Regional Council of the Mutual Fund Dealers Association of Canada (the "MFDA") has issued its Reasons for Decision dated July 6, 2022 ("Reasons for Decision"), in connection with a settlement hearing held electronically by videoconference in Winnipeg, Manitoba on April 5, 2022, in the matter of David Wayne Nichol (the "Respondent").

In its Reasons for Decision, the Hearing Panel confirmed the sanctions imposed on the Respondent. In particular, the Respondent:

• has been suspended from conducting securities related business in any capacity while in the employ or associated with any Member of the MFDA for a period of one month; commencing April 8, 2022;
• has paid a fine of $25,000;
• has paid costs of $5,000; and
• shall in the future comply with MFDA Rules 2.1.1, 2.1.4, 2.5.1 and 1.1.2.

A copy of the Reasons for Decision is available on the MFDA website at www.mfda.ca. During the period described in the Reasons for Decision, the Respondent conducted business in the Winnipeg, Manitoba 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]; Mark Stott, Vice-President, Prairie Region, 403-215-8329, [email protected]