TORONTO , Aug. 19, 2013 /CNW/ - A Settlement Hearing in the matter Kelvin Donald Byce (the "Respondent") was held today in Toronto , Ontario before a three-person Hearing Panel of the MFDA's Central Regional Council.
The Hearing Panel accepted the Settlement Agreement between MFDA Staff and the Respondent, as a consequence of which the Respondent has paid a fine of $5,000 and $2,500 in costs.
In the Settlement Agreement, the Respondent admitted that (a) in March 2012 , the Respondent falsified one client's signature on one KYC form, contrary to MFDA Rule 2.1.1; and (b) from at least October 9, 2008 to May 8, 2012 , the Respondent obtained and maintained 23 blank pre-signed forms for 17 clients, contrary to MFDA Rule 2.1.1.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 115 Members and their approximately 80,000 Approved Persons with a mandate to protect investors and the public interest.
SOURCE: Mutual Fund Dealers Association of Canada
- Company Legal & Law Matters
Managing Director, Enforcement