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05.08.2020 23:53:00
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MFDA Hearing Panel accepts settlement agreement with PEAK Investment Services Inc.
TORONTO, Aug. 5, 2020 /CNW/ - A settlement hearing in the matter of PEAK Investment Services Inc. ("Respondent") was held on August 5, 2020 in Toronto, Ontario by electronic hearing before a three-member Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA").
The Hearing Panel accepted the settlement agreement dated July 30, 2020 ("Settlement Agreement") between Staff of the MFDA and the Respondent, as a consequence of which the following sanctions were imposed on the Respondent:
- a fine in the amount of $75,000; and
- costs in the amount of $15,000; and
- shall in future comply with MFDA Rules 2.5.1 and 1.4, and MFDA Policy Nos. 3, 5 and 6.
In the Settlement Agreement, the Respondent admitted that:
a) | prior to December 1, 2016, the Respondent failed to ensure that, among other things, on-site branch and sub-branch reviews occurred at each of the Respondent's business locations as required in accordance with the requirements set out in MFDA Policy No. 5, MFDA Rule 2.5.1 and the Respondent's policies and procedures; |
b) | prior to February 1, 2018, the Respondent failed to implement adequate policies, procedures and internal controls to ensure that it complied with its obligations to make mandatory reports to the MFDA on the Member Event Tracking System on a timely basis, contrary to MFDA Policy No. 6 and MFDA Rule 1.4(a); and |
c) | between 2011 and 2017, the Respondent failed to conduct adequate or timely supervisory investigations after discovering potential misconduct by its Approved Persons, contrary to MFDA Rule 2.5.1 and MFDA Policy No. 3. |
A copy of the Settlement Agreement is available on the MFDA website at www.mfda.ca.
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 81,000 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
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