a hand holding a guitar



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

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.
  • Pre-signed forms remained the most common allegation in proceedings commenced and cases opened at case assessment.