A mutual fund rep has won his appeal for registration with the Ontario Securities Commission.

OSC director, David Gilkes ruled that Richard Elwood is suitable for registration after hearing testimony from him, along with submissions from his counsel and OSC staff.

OSC staff initially informed Elwood that they would recommend against his application for registration as a mutual fund salesperson on behalf of Fundtrade Financial Corp. In a letter, staff recommended that Elwood’s application for registration be denied on the grounds that he was not suitable.

Elwood requested a hearing, which was held on September 4. After the hearing, Gilkes ruled, “On the basis of the testimony of Mr. Elwood and after having considered the submissions, it appears to me that the applicant, Richard Carrick Elwood is suitable for registration as a mutual fund salesperson on behalf of Fundtrade Financial Corp., subject to monthly supervisory terms and conditions being imposed that are attached to this order.”

Gilkes granted the application, subject to the terms and conditions of supervision.