MFDA issues Notice of Settlement Hearing in respect of Portfolio Strategies Corporation
TORONTO, Jan. 8, 2013 /CNW/ - The MFDA today announced that it has issued a Notice of Settlement Hearing regarding the presentation, review and consideration of a proposed settlement agreement by a Hearing Panel of the MFDA's Prairie Regional Council.
The settlement agreement will be between Staff of the MFDA and Portfolio Strategies Corporation (the "Respondent") and involves matters for which the Respondent may be disciplined by a Hearing Panel pursuant to MFDA By-laws.
The proposed agreement concerns allegations that, between December 1, 2006 and April 2009:
|(a)||the Respondent's head office compliance staff failed to adequately supervise some trades; and|
|(b)||the Respondent failed to establish adequate policies and procedures to supervise leveraging recommendations, and also failed to maintain, in respect of some leveraged trades, adequate records of trade supervision, including records of trades reviewed, inquiries made, responses received and resolutions achieved.|
The settlement hearing is scheduled to take place on January 18, 2013 at 11:00 a.m. (Mountain) in the hearing room located at the Calgary TELUS Convention Centre - North Building, 120 Ninth Avenue SE, Calgary, Alberta. The hearing will be open to the public, except as may be required for the protection of confidential matters.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 116 Members and their approximately 80,000 Approved Persons with a mandate to protect investors and the public interest.
SOURCE Mutual Fund Dealers Association of Canada