A settlement hearing in the matter of IQON Financial Inc. held Thursday before a Hearing Panel of the Pacific Regional Council of the Mutual Fund Dealers Association of Canada approved the settlement agreement between the MFDA and IQON.

The hearing panel has ordered: a fine in the amount of $100,000; costs in the amount of $7,500; and the respondent shall retain an independent monitor to address deficiencies in its trade supervision and compliance in accordance with the terms set out in Schedule “B” of the settlement agreement.

The hearing panel advised that an order will be issued in due course. The order will contain amendments to the version attached as Schedule “A” to the settlement agreement, as requested by the hearing panel.