TORONTO, Sept. 11, 2012 /CNW/ - A Settlement Hearing in the matter of Alex Wai Yuk Lam (the "Respondent") was held today in Toronto, Ontario before a Hearing Panel of the MFDA's Central Regional Council. The Hearing Panel accepted the Settlement Agreement between MFDA Staff and the Respondent, as a consequence of which:
- the Respondent has been prohibited from conducting securities related business in any capacity while in the employ of or associated with any MFDA Member for a period of 15 months commencing September 11, 2012;
- the Respondent shall successfully complete the IFSE (IFIC) Mutual Fund Dealer Compliance course ("Course");
- in the event that the Respondent does not successfully complete the Course by the end of 15 months after September 11, 2012, the prohibition from conducting securities related business shall resume or continue until such time as the Respondent successfully completes the Course;
- the Respondent paid costs in the amount of $2,500; and
- the Respondent shall in future comply with MFDA Rule 2.1.1(a).
In the Settlement Agreement, the Respondent admitted that that between 2002 and 2010, he obtained and maintained 28 blank and incomplete pre-signed forms for 16 clients, contrary to MFDA Rule 2.1.1(a).
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 120 Members and their approximately 75,000 Approved Persons with a mandate to protect investors and the public interest.
SOURCE Mutual Fund Dealers Association of Canada