Decision Notice - CIRO Hearing Panel issues Reasons for Decision in the matter of Gregory Rice

TORONTO, July 18, 2024 /CNW/ - Following a settlement hearing held on May 22, 2024 pursuant to the Mutual Fund Dealer Rules, a hearing panel of the Canadian Investment Regulatory Organization (CIRO) found that Gregory Rice:

	a)      processed a transaction without obtaining client instructions with respect to all essential elements of the trade, thereby engaging in discretionary trading; and
	b)      processed a transaction on behalf of a client pursuant to email trade instructions from the client without obtaining verbal authorization from the client.

The hearing panel issued its reasons for decision on July 12, 2024 which are available at:

Re Rice 2024 CIRO 61

In its reasons for decision, the hearing panel confirmed a fine of $10,000 and costs of $5,000 imposed on Gregory Rice. 

At all material times, Gregory Rice conducted business in Berwick, Nova Scotia as a dealing representative of Sun Life Investment Services (Canada) Inc., a Dealer Member of CIRO.

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.

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.

SOURCE Canadian Investment Regulatory Organization (CIRO)

Joanna Nicholson, Manager, Corporate Communications and Public Affairs. [email protected], Phone: [phone]