MFDA issues Notice of Settlement Hearing in respect of Risa Dee Andersen
TORONTO, Nov. 28, 2018 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") announced that it has issued a Notice of Settlement Hearing dated November 21, 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 Risa Dee Andersen ("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 allegations that the Respondent:
a) |
between April 2014 and June 2017, had and continued in outside business activities which were not disclosed to and approved by the Member, contrary to the Member's policies and procedures and MFDA Rules 1.2.1(c) (now 1.3.2)1, 2.1.1, and 2.5.1 and 1.1.2; |
b) |
between August 13, 2014 and June 1, 2017, referred at least four clients and five individuals to purchase insurance products for which the Respondent received referral fees, contrary to the Member's policies and procedures, sections 13.7 to 13.10 of National Instrument 31-103, and MFDA Rules 2.1.1, 2.4.2, and 2.5.1 and 1.1.2; |
c) |
between April 2014 and June 2017, conducted business of the Member using an unapproved trade name, contrary to the Member's policies and procedures and MFDA Rules 1.1.7(c), 2.5.1 1.1.2, and 2.1.1; |
d) |
from at least December 5, 2014 to June 2017, issued unapproved advertisements and established a website, contrary to the Member's policies and procedures and MFDA Rules 2.7.3, 2.5.1, 1.1.2, and 2.1.1; |
e) |
in March 2017 and May 2017, attached a copy of signature pages from account forms previously signed by clients to 14 new account forms to process transactions in respect of three clients, contrary to MFDA Rule 2.1.1; |
f) |
on February 24, 2017, altered and used one account form to process a transaction without having the client initial the alterations, contrary to MFDA Rule 2.1.1; and |
g) |
on or about March 15, 2017, used an unauthorized email account to communicate with a client, contrary to the Member's policies and procedures and MFDA Rules 2.5.1, 1.1.2, and 2.1.1. |
The settlement hearing will take place on December 10, 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. During the period described in the Notice of Settlement Hearing, the Respondent conducted business in Bothwell, Ontario.
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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SOURCE Mutual Fund Dealers Association of Canada
Charles Toth, Managing Director, Litigation, 416-943-4619, [email protected]
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