TORONTO, Dec. 2, 2021 /CNW/ - The Mutual Fund Dealers Association of Canada (the "MFDA") announced that it has issued a Notice of Settlement Hearing dated November 30, 2021, regarding the presentation, review and consideration of a proposed settlement agreement by a Hearing Panel of the MFDA's Pacific Regional Council.
The settlement agreement will be between Staff of the MFDA and Credential Asset Management Inc. (the "Respondent") and involves matters for which the Respondent may be disciplined by a Hearing Panel pursuant to MFDA By-laws. The proposed settlement agreement concerns allegations that the Respondent failed to establish and maintain adequate policies and procedures, controls and supervision to ensure that it complied with securities legislation relating to internal dealer incentive and sales practices, contrary to MFDA Rules 2.5.1 and 2.1.41.
The settlement hearing will take place electronically by videoconference on December 10, 2021, commencing at 10:00 a.m. (Pacific), or as soon thereafter as the matter can be held. Members of the public who would like to obtain particulars should contact email@example.com.
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.
1 On June 30, 2021, MFDA Rule 2.1.4 was amended to conform with client focused reform amendments to National Instrument 31-103 that came into effect on the same day. As the conduct addressed in the proposed Settlement Agreement pre-dated the amendment to the Rules, the reference is to the former version of Rule 2.1.4 that was in effect between February 27, 2006 and June 30, 2021.
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 80,000 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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