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Toronto, December 19, 2022 /CNW/ – Mutual Fund Dealers Association of Kannada (“MFDA”) announced that it has issued a settlement hearing notice December 19, 2022Regarding the presentation, evaluation and consideration of the resolution proposed by the Hearing Panel of the Central Regional Council of MFDA.
The agreement was signed by MFDA staff and Scotia Securities Inc. (“Respondent”) shall be between and shall include matters in which the Respondent may be disciplined by the Hearing Panel in accordance with the MFDA Regulations. The proposed settlement agreement addresses the defendant’s allegations that:
A) Before April 2020By implementing adequate policies and procedures and an adequate control and monitoring system to ensure that authorized persons carry out certain transactions as switches instead of renewals and purchases, the authorized persons receive performance credits that count towards sales. Targets, contrary to MFDA Rules 2.5.1 and 2.1.1 and MFDA Policy No.2.
b) Before January 2021In addition to implementing adequate policies and procedures and an adequate control and monitoring system, Authorized Persons have increased the performance credit of certain Authorized Persons in addition to canceling and canceling previously approved contribution plans without sufficient evidence of customer consent. 2.5.1 and 2.1.1 and 2.1.1 of the MFDA and their sales targets are counted in violation of the MFDA Policy No. 2;
c) Before July 2021Failure to implement adequate policies and procedures and an adequate monitoring and control system to prevent authorized persons from manually adjusting their sales results, which resulted in some authorized persons increasing performance credits in violation of the MFDA. Rules 2.5.1 and 2.1.1;
D) between March 2020 And July 2020At the beginning of the Covid-19 outbreak, it failed to implement adequate policies and procedures and an adequate monitoring and control system to ensure timely issuance of redemption checks to customers, contrary to MFDA Rule 2.5.1 and 2.1. 1;
e) Before April 13, 2021To ensure that adequate policies and procedures and adequate monitoring and control systems are in place to ensure that customers do not purchase certain mutual funds in unregistered accounts, in accordance with the fund’s simplified projections and funding fact documents, in such accounts that are in violation of MFDA Rules 2.2.1, 2.5.1 and 2.1.1 caught And
f) between November 24, 2021 And February 9, 2022In violation of MFDA Rules 2.5.1 and 2.1.1, some customer accounts sent to one of the fax servers failed to ensure that transmission requests were processed in a timely manner.
The resolution hearing will be held electronically via video conference December 21, 2022since 11:00 a.m (Eastern), or thereafter as the matter may proceed. Members of the public interested in obtaining additional details should contact [email protected].
MFDA settlement hearings are held in absentia in accordance with MFDA Rule 1 Article 20.5 and MFDA Rules of Procedure 15.2(2). If the hearing panel accepts the settlement agreement, the proceedings will be open to the public and a copy of the hearing panel’s decision and the settlement agreement will be available at www.mfda.ca.
A copy of the Notice of Settlement Hearing is available on the MFDA website at www.mfda.ca.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, overseeing its members’ practices, standards and business conduct and the mandate of approximately 76,695 accredited persons to protect investors and the public interest. For more information about the MFDA’s complaint and enforcement procedures, as well as ‘Check Advisor’ and other investor tools, visit the Investors page on the MFDA website.
SOURCE Mutual Fund Dealers Association of Kannada
See original content: http://www.newswire.ca/en/releases/archive/December2022/19/c8825.html
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