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Feb 03, 2021
CALGARY – February 3, 2021 – The Alberta Securities Commission (ASC) dismissed Daniel Phillipus Botha’s appeal from a disciplinary decision made against him by the Mutual Fund Dealers Association of Canada (MFDA).
In May 2019, an MFDA hearing panel found that from January 2011 to January 2016, while Botha was registered as a mutual fund salesperson with Sun Life Financial Investment Services (Canada) Inc. (Sun Life), he contravened MFDA rules and Sun Life's policies and procedures. The allegations were brought against him after 44 pre-signed or altered forms were found on his client files, and 12 Limited Trading Authorization (LTA) forms were submitted that had not been properly witnessed or did not meet signature verification requirements. Botha was ordered to pay a fine of $15,000 and costs of $6000. He ceased to be a registrant under Alberta securities laws in August 2016.
Botha appealed the decision to the ASC, which has oversight over self-regulatory organizations such as the MFDA under the Securities Act (Alberta).
An ASC panel determined that the MFDA panel's findings were reasonable and agreed that it was Botha's responsibility to inform himself about and comply with applicable regulatory requirements and his employer's policies and procedures.
A copy of the decision is available on the ASC website at albertasecurities.com.
The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted to foster a fair and efficient capital market in Alberta and to protect investors. As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada's capital markets.
For further information please contact:
For Media Inquiries:
Theresa Schroder Senior Advisor, Communications 403.297.4231
For Investor Inquiries:
ASC Public Inquiries Toll Free: 1-877-355-4488