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ARTICLE · 04 MAY 2018

MFDA 2017 Annual Enforcement Report: New Focus On Dealer Sales Incentives

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The Mutual Fund Dealers Association of Canada (MFDA) released its 2017 enforcement report (press release here). In addition to the new focus on sales incentives, the volume of pre-signed...

CanadaStrategy
Graham Splawski
Graham Splawski
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The Mutual Fund Dealers Association of Canada (MFDA) released its 2017 enforcement report (press release here). In addition to the new focus on sales incentives, the volume of pre-signed blank form enforcement cases remained near its 2016 high.

Highlights of the report include:

  • 121 proceedings commenced and 133 proceedings concluded in 2017 which are both the highest number of proceedings commenced and concluded by the MFDA in any year to date.
  • Concluded hearings resulted in 22 permanent prohibitions and 48 suspensions against Approved Persons and total fines of $8,498,250 and $536,500 in costs against Members and Approved Persons.
  • The completion of the first proceeding against a dealer by any Canadian securities regulator addressing sales incentives, marketing and educational practices under National Instrument 81-105.

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