MFDA issues Notice of Settlement Hearing regarding Partners In Planning
Financial Services Ltd.

News provided by

Mutual Fund Dealers Association of Canada

Nov 10, 2010, 17:14 ET

TORONTO, Nov. 10 /CNW/ - The MFDA today announced that it has issued a Notice of Settlement Hearing regarding the presentation, review and consideration of a proposed settlement agreement by a Hearing Panel of the MFDA's Prairie Regional Council.

The settlement agreement will be between Staff of the MFDA and Partners In Planning Financial Services Ltd. (the "Respondent") and involves matters for which the Respondent may be disciplined by a Hearing Panel pursuant to MFDA By-laws. The subject matter of the proposed settlement agreement concerns allegations that:

(a)     prior to April 2010, the Respondent failed to establish, implement and maintain adequate policies and procedures to supervise leveraged trades and ensure the suitability of leveraging recommendations made by Approved Persons to clients, contrary to MFDA Rules 2.2.1, 2.5.1 and 2.10 and MFDA Policy No. 2; and

(b)     prior to April 2010, the Respondent failed to maintain sufficient records of the supervision of leveraged trading and leveraging recommendations conducted by its Approved Persons, including records of trades reviewed, inquiries made, responses received and resolutions achieved, contrary to MFDA Rules 2.2.1, 2.5.2(b), 2..5.3(b) and 2.5.4 and MFDA Policy No. 2.

The settlement hearing is scheduled to take place on November 25, 2010 commencing at 10:00 a.m. (Central), or as soon thereafter as the hearing can be held, in the hearing room located at the Delta Hotel Regina, 1919 Saskatchewan Drive, Regina, Saskatchewan. The hearing will be open to the public, except as may be required for the protection of confidential matters.

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 136 Members and their approximately 75,000 Approved Persons with a mandate to protect investors and the public interest.

For further information:

Shaun Devlin
Vice-President, Enforcement
416-943-4672 or [email protected]

Organization Profile

Mutual Fund Dealers Association of Canada

The Mutual Fund Dealers Association of Canada (MFDA) is the national self-regulatory organization (SRO) for the distribution side of the Canadian mutual fund industry. It was established in June 1998 at the initiative of the Canadian Securities Administrators. The MFDA...