Annual enforcement reports are rolling in. Next up: MFDA.

Highlights include:

  • 69 proceedings commenced against Members and Approved Persons in 2015, the highest number of proceedings commenced by the MFDA in any year to date.
  • 65 hearings concluded in 2015, resulting in total fines of $5,389,650 and total costs of $479,500 against Members and Approved Persons, and 19 permanent prohibitions and six suspensions against Approved Persons.
  • A focus on signature falsification cases with 38 of 69 commenced disciplinary proceedings involving this allegation.
  • 40% of proceedings commenced in 2015 involved seniors or vulnerable persons (excluding signature falsification cases that do not involve a client complaint or harm to a client).
  • The creation of a specialized unit for dealing with fairness and timeliness of Member complaint handling.

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