MFDA

Industry

What happens if DSCs aren’t banned? SROs respond

Find out what the regulators said at IFIC's annual conference

September 28, 2018

4 min read

Industry

MFDA permanently bans, fines rep $40K for outside activity

The activity was not disclosed to his firm

By Staff |September 11, 2018

1 min read

Industry

MFDA publishes guidance on intermediary arrangements

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. […]

By Staff |September 5, 2018

1 min read

Industry

MFDA membership disclosure rule to come into effect next year

Aim is to create client awareness about SRO

By Staff |April 12, 2018

1 min read

MFDA finds lack of clarity on trailing commissions

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 […]

By Staff |January 31, 2018

2 min read

Comply with OBSI, say regulators

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 […]

By Staff |December 7, 2017

1 min read

MFDA bans, fines rep for failure to respond

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 […]

By Staff |November 15, 2017

1 min read

MFDA fines firm $200,000 for supervisory failures

An MFDA hearing panel has accepted a settlement agreement between MFDA staff and Investia Financial Services, and the following sanctions were imposed: 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 approved persons. Investia Financial also failed to adequately […]

By Staff |October 18, 2017

1 min read

MFDA

What happens if DSCs aren’t banned? SROs respond

MFDA permanently bans, fines rep $40K for outside activity

MFDA publishes guidance on intermediary arrangements

MFDA membership disclosure rule to come into effect next year

MFDA finds lack of clarity on trailing commissions

MFDA to advisors: We’re watching your recommendations

Former MFDA rep banned, fined $75k over ‘gold strategy’

Comply with OBSI, say regulators

MFDA bans, fines rep for failure to respond

MFDA fines firm $200,000 for supervisory failures