HALIFAX, NS, Dec. 20, 2023 /CNW/ - On November 22, 2023, a hearing panel of the Canadian Investment Regulatory Organization (CIRO) accepted a settlement agreement, with sanctions, between Enforcement Staff and Robert Friesen.
Robert Friesen admitted that he reviewed and approved the use of altered forms without having the client initial the alterations.
Specifically, Robert Friesen admitted that between January 11, 2017 and February 21, 2021, the Respondent, 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, contrary to Mutual Fund Dealer Rules 2.5.5(f)(i) and 2.1.1 (formerly MFDA Rules 2.5.5(f)(i) and 2.1.1).
Pursuant to the settlement agreement, Robert Friesen agreed to the following sanctions:
a) a fine in the amount of $5,000;
b) 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; and
c) completion 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 also agreed to pay costs in the amount of $2,500.
The Settlement Agreement is available at:
Friesen, Robert – Settlement Agreement
The hearing panel's decision will be made available at www.ciro.ca.
The alleged violations occurred while Robert Friesen was a Registered Representative 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.
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, 416-943-4640, [email protected]
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