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Application for review of MFDA disciplinary decision dismissed; regulator had jurisdiction to investigate outside business activities.
The applicant, a registered mutual fund salesperson, applied for a hearing and review of an MFDA decision that permanently prohibited him from conducting securities-related business and imposed a fine and costs for failing to cooperate with an investigation.
The applicant argued the MFDA lacked jurisdiction to investigate his 'outside business activity' because it was a personal philanthropic venture, and claimed his professional obligations as an accountant prevented him from providing information.
The Ontario Securities Commission dismissed the application, finding the MFDA had jurisdiction to investigate client complaints and the applicant failed to present any new and compelling evidence to justify intervening in the MFDA's decision.
