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