Subject: LAW
MFDA issues Notice of Settlement Hearing in respect of Global Maxfin Investments Inc.
TORONTO, July 19, 2018 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") announced that it has issued a Notice of Settlement Hearing dated July 10, 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 Global Maxfin Investments Inc. ("Respondent") and involves matters for which it may be disciplined by a Hearing Panel pursuant to MFDA By-laws. The proposed settlement agreement concerns allegations that, between December 2011 and January 2015, the Respondent failed to:
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a) |
establish, implement and maintain adequate internal controls to supervise the activities of its Approved Person IC and the client accounts for which IC was the servicing dealing representative; and |
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b) |
maintain adequate records of trade supervision undertaken including inquiries made, responses received and follow-up action taken, |
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contrary to MFDA Rules, 2.1.4, 2.2.1, 2.3.1, 2.5, 2.9 and 2.10 and MFDA Policy No. 2. | |
The settlement hearing is scheduled to take place on August 28, 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.
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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