New SRO announces disciplinary proceeding in respect of Wenyuan (Simon) Fan
TORONTO, Jan. 30, 2023 /CNW/ - The Mutual Fund Dealers Association of Canada (the "MFDA"), now New Self-Regulatory Organization of Canada ("New SRO") has commenced disciplinary proceedings in respect of Wenyuan (Simon) Fan (the "Respondent"). In its Notice of Hearing dated December 28, 2022 (the "Notice of Hearing"), Staff of the New SRO alleges that the Respondent engaged in the following conduct contrary to the By-laws, Rules and/or Policies of the MFDA:
Allegation #1: In January 2021, the Respondent opened a new account for client YQ and processed transactions in the client's account:
a) without the authorization of the client; or
b) based on false or misleading statements he made to the client,
contrary to the Member's policies and procedures and MFDA Rules 2.1.1, 1.1.2 (as it relates to MFDA Rule 2.5.1), or 184.108.40.206
Allegation #2: In January 2021, the Respondent signed the signature and initials of client YQ on an account opening form and submitted it to the Member for processing, contrary to MFDA Rule 2.1.1.
Allegation #3: Between January and February 2021, the Respondent recorded false or misleading notes on the Member's system, contrary to MFDA Rule 2.1.1.
Allegation #4: In February 2021, the Respondent made false or misleading statements to client YQ after opening the new account for client YQ and processing transactions in the client's account, contrary to MFDA Rule 2.1.1.
Allegation #5: In February 2021, the Respondent made false or misleading statements to the Member during the course of an investigation into his conduct, contrary to MFDA Rule 2.1.1.
The first appearance in this proceeding will take place by teleconference before a Hearing Panel of the New SRO's Ontario District Hearing Committee on February 2, 2023 at 10:00 a.m. (Eastern), 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 email@example.com to obtain particulars.
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 Ottawa, Ontario area.
New Self-Regulatory Organization of Canada is the national self-regulatory organization that oversees all investment dealers, mutual fund dealers and trading activity on Canada's debt and equity marketplaces. New SRO is carrying on the regulatory functions of the Investment Industry Regulatory Organization of Canada and the Mutual Fund Dealers Association of Canada, and is committed to the protection of investors, providing efficient and consistent regulation, and building Canadians' trust in financial regulation and the people managing their investments. For more information, visit www.newselfregulatoryorganizationofcanada.ca.
SOURCE Mutual Fund Dealers Association of Canada
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