The SRO is launching a second round of consultations on the actual rules that would impact mutual fund dealer reps
Jason Perry Boldt borrowed more than $1 million for clients for an unauthorized outside business activity about which he did not inform his firm
The advisor was also fined $15,000 for showing remorse for his actions by entering into the settlement agreement and immediately paying off the fine and costs
Products that can’t be transferred to a new fund dealer should be specifically disclosed to clients at the point of sale
The guide uses plain language to explain products, performance and cost
The firm failed to report to the MFDA suspected prohibited trading activities of one advisor and inadequately supervised the investment recommendations of another advisor
The SRO’s members also approved proposed changes to its rules regarding trading authority and powers of attorney at its AGM
The advisor, Gilles Robert Latour, was also banned permanently for soliciting and failing to repay loans from senior clients
Although the MFDA’s processes are “effective, efficient and applied consistently and fairly,” it could take a harder line against registrants
Proposed amendments would establish minimum proficiency requirements for mutual fund reps who present themselves as planners