Additional Factors. There is no evidence that the Respondent received any benefit from the conduct set out above beyond the commissions or fees he would ordinarily be entitled to receive had the transactions been carried out in the proper manner.
Additional Factors. The Respondent has not previously been the subject of MFDA disciplinary proceedings.
Additional Factors a. Teachers will be paid in twenty-six (26) equal payments every other Wednesday beginning September 1, 2021.
b. A teacher may elect to receive July and August warrants (summer lump) with the first payment in July. In order to be eligible to receive the summer lump, the teacher must:
i. Make an election which is irrevocable during the school year for which it is made; and
ii. use the forms provided by the business office.
c. The form must be received in the business office by the close of the last day of the school year prior to the year the election is to take effect.
d. Extended contracts shall be paid on a pro-rata basis of the regular salary schedule. An extended contract is defined as: a contract which extends the regular school year or the regular school day and requires a teacher employeeto perform essentially the same activities as their regular assignment or is a necessary extension of time to comply with federal programs to obtain reimbursement for the programs.
e. Teachers that receive extended contracts shall be compensated at their daily rate of pay for each day beyond the regular teaching contract.
Additional Factors. This section is used to identify additional factors not covered in previous areas or to evaluate success of previous performance improvement plan.
Additional Factors. For guidance to the Committee in determining the level of the Award that may be paid hereunder, the Committee will take into account the “Performance Unit Award Payout” and other terms and conditions set forth below, but the Committee is not obligated to apply these factors in determining the actual amount of Awards payable. The “Performance Unit Award Payout” shall be the sum of the TSR Unit Payout and the ROIC Unit Payout, each as described below.
Additional Factors. The Respondent has cooperated with the MFDA’s investigation of the issues that form the subject matter of this Settlement Agreement.
Additional Factors. There is no evidence that the Respondent received any financial benefit from engaging in the misconduct described above.
Additional Factors. 33. The Respondent fully cooperated with the MFDA’s review of the issues that form the subject matter of this Settlement Agreement.
34. By entering into this settlement agreement, the Respondent has enabled the MFDA to avoid the costs, time and effort that would have been required to conduct a potentially lengthy hearing to determine liability.
35. None of the incentives described in this Settlement Agreement that were contrary to NI 81-105 had any bearing on the fees or costs borne by clients investing through the OnCourse Program or in an SRI mutual fund.
36. The higher trailing commission paid to the Respondent for mutual fund sales in the OnCourse Program were not financed by increased fees paid by the Respondent’s clients. The management expense ratio (MER) for the OnCourse Program series of AGF and NEI mutual funds was not higher than the MER applicable to similar series of AGF and NEI mutual funds.
37. According to the Respondent, the enhanced compensation for the SRI mutual funds was intended to encourage dually-employed Approved Persons to recommend that clients consider environmental, social and governance factors in their investment decision-making process, as this was the core philosophy of this financial institution partner, rather than to specifically discourage investments in other funds.
38. The Respondent has also taken steps to address the deficiencies described herein. After receiving the 2017 compliance report, specifically:
a) in May 2017, the Respondent amended its policies to remove bonuses paid in respect of sales of the OnCourse Program for its Approved Persons employed at its head office. The Respondent also instructed its financial institution partners, who offered incentives to promote the OnCourse Program to its dually-employed Approved Persons, to remove any OnCourse Program incentive altogether and amend their bonus structures to compensate equally for sales of all mutual fund products;
b) in 2018, the Respondent directed its financial institution partners to discontinue incentivizing compensation programs associated with the sale of SRI mutual funds;
c) the Respondent has also revised its policies and procedures to specifically state that NI 81-105 does not permit dealers (whether a participating dealer or a dealer in a principal distributor role) to provide an incentive to its Approved Persons or recommend mutual funds of one mutual fund family over mutual funds of another mutual fund family;
d) the Respondent has also esta...
Additional Factors. 16. The Respondent has not previously been the subject of an MFDA disciplinary proceeding.
17. Following the events at issue, the Respondent hired a new staff member, a Chartered Accountant, who is now responsible for the Respondent’s financial affairs on a full-time basis.
18. The Respondent has taken remedial measures acceptable to Staff, including establishing policies and procedures to prevent its RAC from falling below zero again.
Additional Factors. 19. In or about December 2017, Investia sent a letter to all of the Respondent’s potentially affected clients, which included: • advising the clients that if they had signed a waiver document, it had not been approved by Investia and was not valid; and • requesting the clients respond to Investia if they had signed any form of waiver document, or if they had any concerns regarding their leveraged accounts.
20. Investia did not receive any responses to the letters sent to potentially affected clients.
21. Neither the Member nor Staff received any client complaints related to this matter. Staff is not aware of any client harm related to this matter.
22. The Respondent cooperated fully with Staff’s investigation, and sought an early resolution in this matter.
