Annual report for 2017 shows record-breaking year
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There were several new records set by the Mutual Fund Dealers Association of Canada in its enforcement activity in 2017 according to its annual report released Thursday.
There were 121 proceedings commenced and 133 concluded during the year, setting new annual records for both; a year which the MFDA says included some significant disciplinary cases.
"I am pleased to present the Annual Enforcement Report for 2017 which highlights a significant increase in enforcement activity over the past year and demonstrates the MFDA's continued commitment to protect investors and hold those who breach MFDA rules accountable for their misconduct," said MFDA President and CEO Mark Gordon.
The record numbers of proceedings in a single calendar year were “due in part to both the enforcement department’s use of efficient and flexible enforcement processes, and through increased detection by dealers of advisor wrong-doing,” Mr Gordon said.
The association also completed its first ever proceeding against a dealer by any Canadian securities regulator addressing sales incentives, marketing and educational practices under National Instrument 81-105.
