The Mutual Fund Dealers Association of Canada MFDA has begun publishing fine payment status for companies and individuals ordered to pay a fine by MFDA hearing panels.

The fine payment status can be found under Completed Cases within the Enforcement section of the MFDA website. Fine payment status will be updated quarterly on an ongoing basis.

“This new process is another step towards the MFDA’s goal of ensuring we have firm, fair and transparent regulatory processes. It will increase transparency relating to the MFDA’s fine collection rate, and allow Canadian investors to obtain further important background information about Approved Persons and Members,” said Mark Gordon, MFDA president and CEO.

During the MFDA fiscal year ending June 30, 2014, MFDA hearing panels imposed fines of $54,500 against reps who are currently registered, all of which have been collected. Hearing panels also imposed fines of $3,642,500 against former reps who are no longer registered, of which $51,000 has been collected.