June 7, 2023 (Toronto, Ontario) – Canadian Investment Regulatory Organization (“CIRO”) announced that it has issued a Notice of Settlement Hearing dated May 31, 2023, regarding the presentation, review and consideration of a proposed settlement agreement by a Hearing Panel of the CIRO’S Ontario District Hearing Committee.
The settlement agreement will be between Staff of CIRO and Stephanie Vaarsi (the “Respondent”) and involves matters for which the Respondent may be disciplined by a Hearing Panel pursuant to Mutual Fund Dealer Rule 7.4.4. The proposed settlement agreement concerns allegations that between May 24, 2016 and November 6, 2018, the Respondent altered 26 account forms in respect of 22 clients by altering information on the account forms without having the client initial the alterations, contrary to Mutual Fund Dealer Rule 2.1.1 (formerly MFDA Rule 2.1.1).[i]
The settlement hearing will take place electronically by videoconference on June 19, 2023, commencing at 11:00 a.m. (Eastern), 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].
CIRO settlement hearings are typically held in the absence of the public pursuant to Mutual Fund Dealer Rule 7.3.5 and Rule 15.2(2) of the MFDA 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 Settlement Hearing is available on the MFDA website at www.mfda.ca. During the period described in the Notice of Settlement Hearing, the Respondent conducted business in the Toronto, 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.