ASC dismisses appeal by Paul Anthony Dwyer from MFDA disciplinary decisions

CALGARY, AB, April 13, 2023 /CNW/ - The Alberta Securities Commission (ASC) has dismissed Paul Anthony Dwyer's appeal from two disciplinary decisions issued against him by the Mutual Fund Dealers Association of Canada (MFDA).

In January 2022, an MFDA hearing panel found that Dwyer, while registered as a mutual fund dealing representative with Investors Group Financial Services Inc., contravened two MFDA rules in March 2018. He submitted for processing two trades for which he would earn commissions despite being informed by his branch manager that the trades would not be approved. In addition, the trades gave rise to a conflict or potential conflict of interest that Dwyer failed to address by the exercise of responsible business judgment.

In March 2022, the MFDA panel ordered that Dwyer be suspended from conducting securities-related business in any capacity while in the employ of or associated with any MFDA member for a period of three months from April 4, 2022 to July 3, 2022, that he pay a fine of $12,500 and costs of $20,000, and that he be subject to strict supervision until December 31, 2022, following his suspension.

Dwyer appealed both decisions to the ASC, which has oversight over self-regulatory organizations including the MFDA under the Securities Act (Alberta). At the material time, the MFDA was the self-regulatory organization for Canadian mutual fund dealers, but it has since been amalgamated with the Investment Industry Regulatory Organization of Canada. The amalgamated entity has been temporarily renamed the New Self-Regulatory Organization of Canada until a permanent name is approved this year.  

An ASC panel determined that the MFDA panel's findings and sanctions were reasonable in the circumstances and dismissed Dwyer's appeal.

A copy of the decision is available on the ASC website at asc.ca.

The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted with fostering a fair and efficient capital market in Alberta and with protecting investors. As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada's capital markets.

SOURCE Alberta Securities Commission