MFDA announces disciplinary proceeding in respect of Helen Collymore

Type:
Hearing Notice
Rulebook connection
MFDA Rules

Contact

April 21, 2022 (Toronto, Ontario) – The Mutual Fund Dealers Association of Canada (the “MFDA”) has commenced disciplinary proceedings in respect of Helen Collymore (the “Respondent”). In its Notice of Hearing dated April 4, 2022 (the “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: On or about September 4, 2009, the Respondent opened a new account and processed a purchase of mutual funds in respect of a client who was a non-resident of Canada, which the Respondent was not permitted to do pursuant to the policies and procedures of the Member, and MFDA Rules 2.1.1, 2.5.1 and 1.1.2.

Allegation #2: Between 2007 and 2019, the Respondent failed to update a client’s residential address which concealed from the Member that the client was no longer a resident of Canada and, consequently, that there were restrictions on the investment services that the Respondent was permitted to provide the client and the investments held by the client at the Member would be subject to different tax treatment, contrary to the Member’s policies and procedures and MFDA Rules 2.2.1[1], 2.2.4[2], 2.5.1 and 1.1.2.

The first appearance in this proceeding will take place by teleconference before a Hearing Panel of the MFDA’s Central Regional Council on June 7, 2022 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 hearings@ciro.ca 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 conducted business in the Mississauga, Ontario 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.

[1]MFDA Rule 2.2.1 was amended multiple times including on December 13, 2005, December 3, 2010, December 3, 2011, February 22, 2013 and December 31, 2021.  Staff alleges that the conduct of the Respondent contravened all versions of Rule 2.2.1 that were in force prior to and after the amendments that were made.
[2] On December 3, 2010, Rule 2.2.4 was amended. With respect to the allegations in this Notice of Hearing, Staff alleges that the Respondent’s conduct contravened the requirements set out in the versions of Rule 2.2.4 that were in force prior to and after December 3, 2010.

Type:
Hearing Notice
Rulebook connection
MFDA Rules

Contact

Other Notices associated with this Enforcement Proceeding:

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