TORONTO , Oct. 18, 2019 /CNW/ - A settlement hearing in the matter of Tanzeela Kausar ("Respondent") was held on October 10, 2019 in Toronto, Ontario before a three-member Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA").
The Hearing Panel approved the settlement agreement dated October 2, 2019 ("Settlement Agreement") between Staff of the MFDA and the Respondent, as a consequence of which the following sanctions were imposed on the Respondent:
- a reprimand; and
- shall successfully complete an ethics or other industry course acceptable to the MFDA prior to re-registering as a dealing representative.
In the Settlement Agreement, the Respondent admitted that in July 2016 , she failed to learn or record the essential Know-Your-Client factors relative to a client when she recorded client CC as having a 3-5 year investment time horizon, and recommended and accepted trades that were unsuitable having regard to the client CC's essential Know-Your-Client factors including his investment time horizon, contrary to MFDA Rules 2.2.1 and 2.1.1.
A copy of the Settlement Agreement is available on the MFDA website at www.mfda.ca. During the period described in the Settlement Agreement, the Respondent conducted business in Mississauga, 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
View original content: http://www.newswire.ca/en/releases/archive/October2019/18/c8900.html