HALIFAX, NS, Feb. 14, 2024 /CNW/ – Following a settlement hearing under the Mutual Fund Dealer Rules held on November 22, 2023, in Halifax, Nova Scotia, a hearing panel of the Canadian Investment Regulatory Organization (CIRO) found that Robert Friesen acting in the capacity as branch manager, reviewed and approved the use of 29 account forms where information had been altered on the account forms without having the client initial the alterations.
The hearing panel issued its reasons for decision on January 19, which are available at:
Re Friesen 2024 CIRO 13
In its reasons for decision, the hearing panel confirmed the sanctions imposed on Robert Friesen. In particular:
a fine in the amount of $5,000;a suspension from acting as a branch manager or in any supervisory capacity for a Dealer Member for a period of 6 months commencing on November 22, 2023; andcompletion of the branch manager’s course offered by the Investment Funds Institute of Canada, the Investment Dealer Supervisors Course offered by the Canadian Securities Institute, or another industry course that is acceptable to Staff of CIRO, prior to acting as a branch manager or in any supervisory capacity for a Dealer Member.
Robert Friesen is also required to pay costs in the amount of $2,500.
The alleged violations occurred while Robert Friesen was registered in Nova Scotia as a dealing representative with Desjardins Financial Security Investments Inc.
All information about disciplinary proceedings relating to current and former member firms and individual registrants under the Investment Dealer and Partially Consolidated Rules (for investment dealers), the Mutual Fund Dealer Rules (for mutual fund dealers) and the Universal Market Integrity Rules (UMIR) is available on CIRO’s website.
Background information regarding the qualifications and disciplinary history, if any, of advisors currently employed by CIRO-regulated investment firms is available free of charge through the AdvisorReport service. Information on how to make dealer, advisor or marketplace-related complaints is available by calling 1-877-442-4322.
CIRO investigates possible misconduct by its member firms and individual registrants. It can bring disciplinary proceedings which may result in sanctions including fines, suspensions, permanent bars, expulsion from membership, or termination of rights and privileges for individuals and firms.
The Canadian Investment Regulatory Organization (CIRO) is the national self-regulatory organization that oversees all investment dealers, mutual fund dealers and trading activity on Canada’s debt and equity marketplaces. CIRO is committed to the protection of investors, providing efficient and consistent regulation, and building Canadians’ trust in financial regulation and the people managing their investments. For more information, visit www.ciro.ca.
SOURCE Canadian Investment Regulatory Organization (CIRO)
