MFDA issues Notice of Settlement Hearing in respect of Investia Financial Services Inc.
TORONTO, Oct. 31, 2018 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") announced that it has issued a Notice of Settlement Hearing dated July 23, 2018 regarding the presentation, review and consideration of a proposed settlement agreement by a Hearing Panel of the MFDA's Central Regional Council.
The settlement agreement will be between Staff of the MFDA and Investia Financial Services Inc. ("Respondent") and involves matters for which the Respondent may be disciplined by a Hearing Panel pursuant to MFDA By-laws. The proposed settlement agreement concerns an allegation that from January 1, 2014 to July 13, 2017, HollisWealth1 implemented a remote branch supervision structure in at least 24 branches, without first receiving MFDA approval, contrary to MFDA Rule 2.5.5(c).
The settlement hearing will take place on November 1, 2018, commencing at 10:00 a.m. (Eastern), or as soon thereafter as the matter can be held, in the hearing room at the offices of the MFDA, located at 121 King Street West, Suite 1000, Toronto, Ontario.
MFDA settlement hearings are typically held in the absence of the public pursuant to section 20.5 of MFDA By-law No. 1 and Rule 15.2(2) of the MFDA Rules of Procedure. If the Hearing Panel accepts the settlement agreement, then the proceeding will become open to the public and a copy of the decision of the Hearing Panel and the settlement agreement will be made available at www.mfda.ca.
A copy of the Notice of Settlement Hearing is 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 Members and their approximately 82,000 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.
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1 On August 4, 2017, Industrial Alliance Insurance and Financial Services Inc. ("Industrial Alliance") purchased HollisWealth Advisory Services Inc. ("HollisWealth") from The Bank of Nova Scotia ("Scotia") and amalgamated HollisWealth with Investia. HollisWealth was formerly known as Dundee Private Investors Inc., which was purchased by Scotia in February 2011. Investia is the named Respondent in this proceeding; however, all of the conduct referred to herein relates to HollisWealth and took place prior to the closing of the sale of HollisWealth to Industrial Alliance. |
SOURCE Mutual Fund Dealers Association of Canada
Charles Toth, Managing Director, Litigation, 416-943-4619, [email protected]
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