CIRO Hearing Panel issues Reasons for Decision in the matter of Bernard Phanthavong

TORONTO, Nov. 8, 2023 /CNW/ - A Hearing Panel of the Canadian Investment Regulatory Organization ("CIRO"), has issued its Reasons for Decision dated October 13, 2023 ("Reasons for Decision"), in connection with a settlement hearing held electronically by videoconference in Winnipeg, Manitoba on March 27, 2023 in the matter of Bernard Kevin Phanthavong (the "Respondent").

In its Reasons for Decision, the Hearing Panel confirmed the sanctions imposed on the Respondent. In particular, the Respondent:

• shall be suspended from acting as a branch manager or in any supervisory capacity for a Dealer Member registered as a mutual fund dealer (formerly Members of the MFDA) for a period of two months commencing March 27, 2023;
• shall pay a fine in the amount of $7,500 ("Fine");
• shall pay costs in the amount of $5,000 ("Costs");
• shall successfully complete an industry course that is acceptable to Staff of the Corporation, within 12 months of the acceptance of the Settlement Agreement, pursuant to s. 7.4.1.1(f) of the Mutual Fund Dealer Rules; and
• shall in the future comply with Rules 2.1.1, and 2.1.4(2).

A copy of the Reasons for Decision is available on the MFDA website at www.mfda.ca. During the period described in the Notice of Hearing, the Respondent conducted business in the Winnipeg, Manitoba area.

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)

Joanna Nicholson, Manager, Public Affairs, [phone], [email protected]