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Financial Services Regulatory Authority of Ontario

IN THE MATTER OF the Mortgage Brokerage, Lenders and Administrators Act, 2006, S.O. 2006, c. 29, as amended (the “Act”), in particular sections 38 and 39;

AND IN THE MATTER OF Qiong Shao (“Shao”).


Shao was previously licensed as a mortgage agent (licence number M12000143) under the Act. Shao’s licence was first issued on February 1, 2012 and expired on March 31, 2020.

On October 15, 2020, the Director, Litigation and Enforcement (the “Director”), by delegated authority from the Chief Executive Officer of the Financial Services Regulatory Authority of Ontario (the “Chief Executive Officer”) issued a Notice of Proposal to impose an administrative penalty on Shao.

A Request for Hearing (Form 1), dated October 29, 2020, was delivered to the Financial Services Tribunal (the “Tribunal”) in accordance with section 39(5) of the Act respecting the Notice of Proposal.

On August 27, 2021, Shao withdrew the Request for Hearing, and, on August 27, 2021, the Tribunal closed its file in respect of this matter.

This order is made pursuant to a settlement entered into by Shao and the Director. Shao has undertaken not to submit an application for licensing under the Act for a period of two years from the date of this Order.


An administrative penalty in the amount of $7,500 is hereby imposed on Qiong Shao for failing to act in circumstances where she ought to have known that by failing to act, she was being used to facilitate dishonesty, contrary to section 3.1 of Ontario Regulation 187/08.

TAKE NOTICE THAT the Financial Services Regulatory Authority of Ontario will deliver an invoice to Qiong Shao, with information as to where and how to pay the administrative penalty. Qiong Shao must pay the administrative penalty no later than thirty (30) days after the date of the invoice.

If Qiong Shao fails to pay the administrative penalty in accordance with the terms of this Order, the Chief Executive Officer may file the Order with the Superior Court of Justice and the Order may be enforced as if it were an order of the court. An administrative penalty that is not paid in accordance with the terms of the order imposing the penalty is a debt due to the Crown and is enforceable as such.

DATED at Toronto, Ontario, September 8, 2021.

Original signed by

Elissa Sinha
Director, Litigation and Enforcement

By delegated authority from the Chief Executive Officer

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