MFDA announces settlement hearing to take place in respect of Nicholas Del Plavignano

TORONTO, Oct. 15, 2018 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") commenced a disciplinary proceeding in respect of Nicholas Del Plavignano ("Respondent") by Notice of Hearing dated January 8, 2018.

As the result of a settlement agreement entered into between Staff of the MFDA and the Respondent, the settlement hearing will take place on November 29, 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 he may be disciplined pursuant to ss. 20 and 24.1.1 of By-law No. 1 of the MFDA. In particular, the settlement agreement concern allegations that the Respondent:

1. on March 29, 2016 and March 30, 2016, processed a total of two transactions without the client's authorization, contrary to MFDA Rule 2.1.1;
2. on April 4, 2016, failed to use due diligence to learn the essential facts of a client, when he completed the client's Know-Your-Client information on an account form without having met or discussed the information with the client, contrary to MFDA Rules 2.2.1 and 2.1.1;
3. on April 4, 2016, failed to comply with two Member directives to contact a client to review the client's Know-Your Client information and the suitability of investments in the client's account, contrary to MFDA Rule 2.1.1; and
4. on April 4, 2016, falsely represented to the Member that the client reviewed and approved the risk tolerance for the client's account, contrary to MFDA Rule 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 Woodbridge, 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