MFDA announces disciplinary proceeding in respect of Lucillia Tan

TORONTO, May 18, 2021 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") has commenced disciplinary proceedings in respect of Lucillia Sok Cheng Tan (the "Respondent"). In its Notice of Hearing dated March 17, 2021 ("Notice of Hearing"), Staff of the MFDA alleges that the Respondent engaged in the following conduct contrary to the By-laws, Rules and/or Policies of the MFDA:

Allegation #1: Between approximately August 22, 2012 and April 24, 2019, the Respondent engaged in outside business activities with respect to one or more real estate investment businesses which were not disclosed to or approved by the Member, contrary to the Member's policies and procedures, and MFDA Rules 1.2.1(c) (now MFDA Rule 1.3)¹, 2.5.1, 1.1.2, and 2.1.1.

Allegation #2: Between approximately 2013 and April 24, 2020, the Respondent failed to disclose to the Member a conflict or potential conflict of interest that arose when clients of the Member invested with a real estate business owned or operated by the Respondent and her family, thereby failing to ensure that the conflict or potential conflict of interest was disclosed to the Member and addressed by the exercise of responsible business judgment influenced only by the best interests of the client, contrary to MFDA Rules 2.1.4 and 2.1.1.

Allegation #3: Commencing on approximately April 22, 2019, the Respondent failed to cooperate with an investigation by MFDA Staff into her conduct, contrary to section 22.1 of MFDA By-law No. 1.

The first appearance in this proceeding will take place by teleconference before a Hearing Panel of the MFDA's Pacific Regional Council on May 21, 2021 at 10:00 a.m. (Pacific), or as soon thereafter as the appearance can be held, to schedule a date for the commencement of the hearing on the merits and to address any other procedural issues. The appearance will be open to the public, except as may be required for the protection of confidential matters. Members of the public who would like to listen to the teleconference should contact hearings@mfda.ca to obtain particulars. The Hearing on the Merits will take place in Vancouver, British Columbia.

A copy of the Notice of Hearing is available on the MFDA website at www.mfda.ca. During the period described in the Notice of Hearing, the Respondent carried on business in the Burnaby, British Columbia area.

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