MFDA issues Notice of Settlement Hearing in respect of Sun Life Financial Investment Services (Canada) Inc.

Jul 16, 2015, 16:36 ET from Mutual Fund Dealers Association of Canada

TORONTO, July 16, 2015 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") 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 Central Regional Council.   

The settlement agreement will be between Staff of the MFDA and Sun Life Financial Investment Services (Canada) 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 between July 24, 2006 and June 2014, the Respondent did not conduct an on-site compliance review of every sub-branch location at least once every three (3) years, contrary to MFDA Policy No. 5 and MFDA Rule 2.5.1.

The settlement hearing is scheduled to take place on July 29, 2015, commencing at 10:00 a.m. (Eastern), or as soon thereafter as the hearing can be held, in the hearing room at the MFDA offices, located at 121 King Street West, Suite 1000, Toronto, Ontario. The hearing will be open to the public, unless and to the extent that the Hearing Panel determines that all or part of the hearing should proceed in the absence of the public. If the Hearing Panel accepts the settlement agreement, then a copy of the decision of the Hearing Panel and the settlement agreement will be made available to the public.

A copy of the Notice of Settlement Hearing is available on the MFDA website at During the period described in the Notice of Settlement Hearing, the Respondent carried on business as a Mutual Fund Dealer in every Canadian province/territory, with its head office in Waterloo, Ontario.

The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 103 Members and their over 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