Pre-signed forms continue to lead MFDA cases
“Regardless of whether the conduct is for the purposes of convenience or to commit a further regulatory violation, Hearing Panels of MFDA Regional Councils have consistently ruled that signature falsification is not permissible under MFDA Rule 2.1,” the report said.
The report also highlighted MFDA efforts to address hacked client email cases. To date, it has recorded seven approved-person cases under this category — including two in 2019 — which have resulted in client reimbursements by members exceeding $850,000.
“The Enforcement Department will continue to review and, where appropriate, take disciplinary action against Approved Persons to address cases where a client’s e-mail account has been hacked and where an Approved Person acted without verifying that the client provided the instructions,” the report said.
Like IIROC, MFDA was able to enhance its enforcement capabilities last year through enhanced provincial legislation in New Brunswick. Aside from new evidence-gathering powers and statutory immunity, the regulatory group acquired fine-collection powers in the province, which means it now has those powers in all eight provinces where it is recognized.