MFDA issues Notice of Settlement Hearing in respect of Vanessa Sjostrom
TORONTO, Dec. 31, 2020 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") announced that it has issued a Notice of Settlement Hearing dated December 31, 2020, regarding the presentation, review and consideration of a proposed settlement agreement by a Hearing Panel of the MFDA's Pacific Regional Council.
The settlement agreement will be between Staff of the MFDA and Vanessa Doreen Sjostrom ("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:
- between about January 2009 and May 2016, failed to ensure that investment recommendations she made to 7 clients to invest in precious metals sector mutual funds were suitable having regard to the risks associated with concentrating their investment portfolio in precious metals sector mutual funds, contrary to MFDA Rule 2.2.1; and
- between January 2014 and October 2015, did not adequately explain the risks of investing in precious metals sector mutual funds to 5 clients, thereby failing to ensure that her recommendations were suitable for the clients and in keeping with their investment objectives, contrary to MFDA Rule 2.2.1.
The settlement hearing will take place by electronic hearing on January 20, 2021, commencing at 10:00 a.m. (Pacific), or as soon thereafter as the matter can be held. Members of the public who would like to obtain particulars should contact [email protected].
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 out of the Campbell River, 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 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]; Jeff Mount, Vice-President, Pacific Region, 604-694-8846, [email protected]
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