The MFDA has published final guidance on member intermediary arrangements. An intermediary is any financial institution, such as a bank, dealer or trust company, that has an arrangement with an MFDA member dealer to facilitate transactions. As part of the arrangement, the intermediary might provide services such as trade execution, custody, settlement or record keeping. […]
Aim is to create client awareness about SRO
CRM2 reporting by firms is good, but it could be better. That’s the finding from the MFDA, which published a bulletin and report on Tuesday outlining the results of its examinations and CRM2 sweep last year. “Overall, we have found that members have made reasonable attempts to comply with the new CRM2 requirements,” says the […]
SRO reveals 2018 compliance priorities
Find out why
CSA, IIROC and the MFDA have released a joint notice, Complying with requirements regarding the Ombudsman for Banking Services and Investments. The notice highlights concerns about some registered firms’ complaint handling systems and participation in OBSI’s services, and sets out potential regulatory responses. In the notice, the regulators say that, though OBSI’s compensation recommendations aren’t […]
On Oct. 11, 2017, an MFDA hearing panel permanently banned and fined a previously registered representative, Walter John Dixon. The sanctions result from Dixon’s failure to respond to numerous communication attempts by the MFDA about a client complaint. Over 11 months, the MFDA attempted to contact Dixon by regular mail, registered mail, process servers, email […]
An MFDA hearing panel has accepted a settlement agreement between MFDA staff and Investia Financial Services, and the following sanctions were imposed: a fine of $200,000; and costs of $20,000. In the settlement agreement, Investia Financial admits it failed to adequately supervise, and establish and maintain adequate internal controls pertaining to, outside business activities of […]
What results from the 2016 oversight review reveal for dealers
Increase in proceedings gets thumbs-up from regulators