Skip to Main Content

For further information, please contact:

Julia K. Mackenzie
Manager, Public Affairs – Acting

CIRO announces disciplinary proceeding in respect of Aziz Khamisa and Antony Chau

August 30, 2023 (Toronto, Ontario) – The Canadian Investment Regulatory Organization (“CIRO”) has commenced disciplinary proceedings in respect of Aziz Fatehali Khamisa (“Khamisa”) and Antony Kin San Chau (“Chau”) (collectively the “Respondents”). In its Notice of Hearing dated July 17, 2023 (the “Notice of Hearing”), Staff of CIRO alleges that the Respondents engaged in the following violations of the Mutual Fund Dealer Rules:

Allegation #1: Between December 14, 2020 and January 28, 2021, Khamisa failed to disclose an agreement that was material to a proposed transaction to effect a change of control of a Member of the MFDA, thereby:

  1. failing to provide full disclosure of the material terms of the proposed transaction, contrary to Mutual Fund Dealer Rules 2.1.1, 2.5.2, and 1.1.2(b) (as it relates to section 3.10 of CIRO By-law No. 1) (formerly MFDA Rules 2.1.1, 2.5.2, and 1.1.2 (as it relates to section 13.7 of MFDA By-law No. 1));
  2. failing to provide information to the MFDA that it required or considered necessary or desirable, contrary to section 3.10 of CIRO By-law No. 1 (formerly, section 13.7 of MFDA By-law No. 1) and Mutual Fund Dealer Rule 2.1.1 (formerly MFDA Rule 2.1.1); or
  3. misleading the MFDA concerning the full terms of the proposed change of control, contrary to Mutual Fund Dealer Rule 2.1.1 (formerly MFDA Rule 2.1.1).[1]

Allegation #2: Between December 14, 2020 and January 28, 2021, Chau failed to disclose an agreement that was material to a proposed transaction to effect a change of control of a Member of the MFDA, thereby:

  1. failing to provide full disclosure of the material terms of the proposed transaction, contrary to Mutual Fund Dealer Rules 2.1.1 and 1.1.2(b) (as it relates to section 3.10 of CIRO By-law No. 1) (formerly MFDA Rules 2.1.1 and 1.1.2 (as it relates to section 13.7 of MFDA By-law No. 1));
  2. failing to provide information to the MFDA that it required or considered necessary or desirable, contrary to section 3.10 of CIRO By-law No. 1 (formerly, section 13.7 of MFDA By-law No. 1) and Mutual Fund Dealer Rule 2.1.1 (formerly MFDA Rule 2.1.1); or
  3. misleading the MFDA concerning the full terms of the proposed change of control, contrary to Mutual Fund Dealer Rule 2.1.1 (formerly MFDA Rule 2.1.1).

The first appearance in this proceeding will take place by teleconference before a Hearing Panel of CIRO’s Ontario District Hearing Committee on September 14, 2023 at 10:00 a.m. (Eastern), or as soon thereafter as the appearance can be held, to schedule a date for the commencement of the hearing on the merits and to address any other procedural issues. The appearance will be open to the public, except as may be required for the protection of confidential matters. Members of the public who would like to listen to the teleconference should contact [email protected] to obtain particulars.

A copy of the Notice of Hearing is available on the MFDA website at www.mfda.ca. During the period described in the Notice of Hearing, the Respondents conducted business in the Richmond Hill, Ontario area.

Canadian Investment Regulatory Organization 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 carrying on the regulatory functions of the Investment Industry Regulatory Organization of Canada and the Mutual Fund Dealers Association of Canada, and 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.

-30-

[1] Staff alleges that, at the time of the misconduct, the Respondents contravened section 13.7 of MFDA By-law No. 1 and MFDA Rules 1.1.2 (as it relates to section 13.7 of MFDA By-law No. 1), 2.5.2, and 2.1.1, which are now incorporated into section 3.10 of CIRO By-law No. 1 and Mutual Fund Dealers Rules 1.1.2 (as it relates to section 3.10 of CIRO By-law No. 1), 2.5.2, and 2.1.1 referred to in this proceeding.

DM 906421