June 28, 2023 (Toronto, Ontario) – The Mutual Fund Dealers Association of Canada (“MFDA”), now Canadian Investment Regulatory Organization (“CIRO”), commenced a disciplinary proceeding in respect of Seongho (Steve) Park (the “Respondent”) by Notice of Hearing dated November 24, 2022 (the “Notice of Hearing”).
As the result of a settlement agreement entered into between Staff of CIRO and the Respondent, a settlement hearing will take place electronically by videoconference before a Hearing Panel of the CIRO’s British Columbia District Hearing Committee on June 29, 2023, commencing at 10:00 a.m. (Pacific), or as soon thereafter as the matter can be held. Members of the public who would like to obtain further particulars should contact [email protected].
The subject matter of the proposed settlement agreement concerns matters for which the Respondent may be disciplined pursuant to sections 20 and 24.1 of MFDA By-law No. 1 (now Mutual Fund Dealer Rules 7.3 and 7.4.1). In particular, the settlement agreement concerns the allegations that the Respondent between August 2016 and May 2017, opened a new Tax-Free-Savings-Account and processed two mutual fund purchases in respect to a client who was a non-resident of Canada, which the Respondent was not permitted to do pursuant to the policies and procedures of the Member, and MFDA Rules 2.2.1, 2.1.1 and 1.1.2 (as it relates to MFDA Rule 2.5.1) (now Mutual Fund Dealer Rules 2.2.1(1), 2.1.1, 1.1.2 and 2.5.1).
Settlement hearings of CIRO are typically held in the absence of the public pursuant section 20.5 of MFDA By-Law No. 1 (now Mutual Fund Dealer Rule 7.3.5) and Rule 15.2 (2) of the Mutual Fund Dealer Rules of Procedure. If the Hearing Panel accepts the settlement agreement, then the proceeding will become open to the public and a copy of the decision of the Hearing Panel and the settlement agreement will be made available at www.mfda.ca.
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 Respondent conducted business in the North Vancouver, British Columbia 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.