TORONTO , Jan. 29, 2020 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") commenced a disciplinary proceeding in respect of Nadine Wighton ("Respondent") by Notice of Hearing dated May 17, 2019 .
As the result of a settlement agreement entered into between Staff of the MFDA and the Respondent, a settlement hearing will proceed on January 30, 2020 , 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, 121 King Street West, Suite 1000, Toronto, Ontario .
The subject matter of the proposed settlement agreement concerns matters for which the Respondent may be disciplined pursuant to ss. 20 and 24.1.1 of By-law No. 1 of the MFDA. In particular, the settlement agreement concerns allegations that the Respondent:
between December 24, 2009 and February 12, 2013, failed to conduct adequate due diligence to learn, or accurately record on account documents, Know-Your-Client information for client PS, contrary to MFDA Rules 2.2.1 and 2.1.1;
between December 24, 2009 and February 12, 2013, arranged for client PS's account statements to be delivered to a third party without taking adequate steps to determine whether client PS had authorized and was aware of the address change , thereby failing to ensure that the confidential information relating to client PS was maintained in confidence, contrary to the policies and procedures of the Member and MFDA Rules 2.1.1, 2.5.1, 2.10, and 1.1.2; and
on January 26, 2011, accepted and acted upon trade instructions regarding two deposits and purchases in client PS's investment account that the Respondent received from a third party who did not possess trading or signing authority over the investment accounts of client PS, and submitted the trades for processing without obtaining authorization from client PS, thereby engaging in unauthorized trading, contrary to the policies and procedures of the Member and MFDA Rules 2.1.1, 2.5.1, 2.10, and 1.1.2.
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 carried on business from a branch located in Hamilton, Ontario .
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 81,000 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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