Decision Notice - CIRO Hearing Panel issues Reasons for Decision in the matter of Natalie Kiryak

HALIFAX, NS, Aug. 6, 2024 /CNW/ - Following a settlement hearing held on June 27, 2024 pursuant to the Mutual Fund Dealer Rules, a hearing panel of the Canadian Investment Regulatory Organization (CIRO) found that Natalie Kiryak processed 20 transactions in respect of 15 clients as redemptions and purchases, rather than as switches, in order to receive increased performance credits, thereby:

      i.        engaging in conduct which gave rise to a conflict of interest which she failed to disclose to the Dealer Member, or ensure was addressed by the exercise of responsible business judgment influenced only by the best interests of the client; and

     ii.        failing to comply with the Dealer Member's policies and procedures with respect to the processing of trades as switches.

The hearing panel issued its reasons for decision on July 16, 2024, which are available at:

Re Kiryak 2024 CIRO 62

In its reasons for decision, the hearing panel confirmed a fine of $17,500 and costs of $5,000 imposed on Natalie Kiryak was reasonable.

At all material times, Natalie Kiryak conducted business in the Dartmouth, Nova Scotia area. Natalie Kiryak is not currently registered in the securities industry in any capacity.

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]