MFDA Hearing Panel issues Reasons for Decision in the matter of FundEX Investments Inc.
SOURCE Mutual Fund Dealers Association of Canada
TORONTO, Nov. 7, 2019 /CNW/ - A Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA") has issued its Reasons for Decision dated November 6, 2019 ("Reasons for Decision") in connection with a settlement hearing held in Toronto, Ontario on September 12, 2019 in the matter of FundEX Investments Inc. ("Respondent").
In its Reasons for Decision, the Hearing Panel confirmed the sanctions imposed on the Respondent. In particular, the Respondent:
- has paid a fine of $250,000;
- has paid costs of $50,000; and
- shall in future comply with MFDA Rules 1.2.1, 2.1.1, 2.2.1, 2.5, 2.5.1, and 2.11, and MFDA Policy No. 3 and No. 5.
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.
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