TORONTO, Sept. 30, 2016 /CNW/ – A Hearing Panel of the Pacific Regional Council of the Mutual Fund Dealers Association of Canada (“MFDA”) has issued its Reasons for Decision in connection with a settlement hearing held in Vancouver, British Columbia on September 14, 2015 in the matter of Cho Shan Yeung (the “Respondent”). The Reasons for Decision relate to the Hearing Panel’s acceptance of the settlement agreement (the “Settlement Agreement”) entered into between the Respondent and Staff of the MFDA. In its Reasons for Decision dated September 28, 2016, the Hearing Panel confirmed the sanctions imposed on the Respondent:
- a prohibition from conducting securities related business in any capacity while in the employ of or associated with any MFDA Member for a period of two (2) years, commencing from the date of the Hearing Panel’s Order;
- a fine in the amount of $2,500;
- costs in the amount of $2,500; and
- in future, shall comply with all MFDA By-Laws, Rules and Policies and all applicable securities legislation and regulations made thereunder including MFDA Rule 2.1.1.
In the Settlement Agreement, the Respondent admitted that between March 5, 2005 and March 20, 2012, she obtained and used 101 blank or partially complete pre-signed account forms or photocopies of partially complete pre-signed account forms, in order to process transactions in respect of nine clients, contrary to MFDA Rule 2.1.1.
Copies of the Reasons for Decision and the Settlement Agreement are available on the MFDA website at www.mfda.ca. During the period described in the Reasons for Decision, the Respondent carried on business in Richmond, British Columbia.
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 83,000 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