New SRO Hearing Panel issues Reasons for Decision in the matter of Dennis Duclos

March 31, 2023 (Toronto, Ontario) – A Hearing Panel of the Mutual Fund Dealers Association of Canada, now New Self-Regulatory Organization of Canada (“New SRO”), has issued its Reasons for Decision dated February 7, 2023 (“Reasons for Decision”), in connection with a settlement hearing held electronically by videoconference in Toronto, Ontario on December 5, 2022, in the matter of Dennis Jerome Duclos (the “Respondent”).

In its Reasons for Decision, the Hearing Panel confirmed the sanctions imposed on the Respondent. In particular, the Respondent:

• shall pay a fine of $25,000, payable in instalments as follows:
• has paid $10,000 on December 5, 2022;
• has paid $2,500 on January 31, 2023;
• $2,500 on or before February 28, 2023;
• $2,500 on or before March 31, 2023;
• $2,500 on or before April 28, 2023;
• $2,500 on or before May 31, 2023;
• $2,500 on or before June 30, 2023;
• has paid costs of $2,500; and
• shall in the future comply with MFDA Rules 2.1.1, 5.1(b), 1.4(b), 1.1.2 (as it relates to MFDA Rule 2.5.1), and MFDA Policy 6.

A copy of the Reasons for Decision is available on the MFDA website at www.mfda.ca. During the period described in the Reasons for Decision, the Respondent conducted business in the Waterloo, 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.ciro.ca.

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