Subject: LAW
MFDA announces settlement hearing to take place in respect of Sarah Del Rosario
TORONTO, Aug. 8, 2018 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") commenced a disciplinary proceeding in respect of Sarah Solis Maria Suzarah Del Rosario ("Respondent") by Notice of Hearing dated May 12, 2017.
As the result of a settlement agreement entered into between Staff of the MFDA and the Respondent, the settlement hearing in this matter will take place on September 27, 2018, commencing at 10:00 a.m. (Eastern) or as soon thereafter as the matter can be heard, in the hearing room at the offices of the MFDA, located at 121 King Street West, Suite 1000, Toronto, Ontario.
The subject matter of the proposed settlement agreement concerns matters for which the Respondent may be disciplined pursuant to ss. 20 and 24.1.1 of By-law No. 1 of the MFDA. In particular, the settlement agreement concerns allegations that the Respondent:
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a) |
on or about April 24, 2015, failed to ensure that a trade in a client account was suitable for the client having regard to the essential Know-Your-Client factors, including the client's age, time horizon and investment objectives, contrary to MFDA Rules 2.2.1 and 2.1.1; and |
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b) |
on or about April 24, 2015, processed a trade in a client account, using her discretion to select a version of a mutual fund subject to a deferred sales charge, contrary to MFDA Rules 2.3.1 and 2.1.1. |
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 Hearing is available on the MFDA website at www.mfda.ca. During the period described in the Notice of Hearing, the Respondent conducted business in the Ottawa, Ontario 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 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.
SOURCE Mutual Fund Dealers Association of Canada
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