Fund dealer TeamMax Investment Corp. had been fined by the Mutual Fund Dealers Association of Canada (MFDA) after a regulatory hearing panel found that the firm violated several rules.
Following a hearing, the self-regulatory organization ordered a $60,000 fine and $10,000 in costs against the Ontario-based firm.
Earlier this month, a hearing panel upheld four allegations of misconduct against the firm.
The MFDA said reasons for the panel’s decisions on both sanctions and misconduct will be issued in “due course.”
In its allegations, MFDA staff charged that the firm failed to adequately supervise reps’ collection of know-your-client information, failed to implement a branch review program, and failed to ensure that it adhered to an MFDA order in 2014 that aimed to address deficiencies that arose in a compliance review.