The Mutual Fund Dealers Association of Canada (MFDA) released its 2016 enforcement report (see our reports on the Canadian Securities Administrators (CSA) report here, and the Investment Industry Regulatory Organization (IIROC) report here).
Highlights of the report include:
- 111 proceedings commenced against Members and Approved Persons in 2016 which is the highest number of proceedings commenced by the MFDA in any year to date.
- 85 hearings concluded in 2016, resulting in total fines of $21,104,750 and $496,000 in costs against Members and Approved Persons, and 22 permanent prohibitions and 26 suspensions against Approved Persons.
- A continued focus on Member supervision and complaint handling with 11 proceedings issued against Members for breaches of these requirements.
- A continued focus on signature falsification (pre-signed forms) cases with 60 of 111 commenced disciplinary proceedings involving this allegation.
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