Decision Notice - CIRO Sanctions Simon Christopher Kelly

CALGARY, AB, Jan. 29, 2024 /CNW/ - Following a hearing held on July 19, 2023, in Calgary, Alberta, a hearing panel of the Canadian Investment Regulatory Organization (CIRO) under the Mutual Fund Dealer Rules found that Simon Christopher Kelly contravened the Member's policies and procedures and MFDA Rules 2.1.4, 2.5.1, 1.1.2, 2.1.1 and 2.3.1(a).

The hearing panel's decision dated January 18, 2024, is available at:

Re Kelly, 2024 CIRO 09

Specifically, the hearing panel found that Simon Kelly committed the following violations:

a)  he was named as a beneficiary of a client's investment accounts, which gave rise to a conflict or potential conflict of interest between the client and the Respondent, which he failed to disclose to the Member or otherwise ensure was addressed by the exercise of responsible business judgment influenced only by the best interests of the client; and

b)  he accepted an appointment as power of attorney for a client's property.

The hearing panel imposed the following sanctions on Simon Kelly:

a)  a six month prohibition on the Respondent's ability to conduct securities related business in while in the employ of or in association with a Dealer Member of the Corporation registered as a mutual fund dealer; and

b)  a fine of $70,000

Simon Kelly is also required to pay costs in the amount of $10.000.

During the period described in the Notice of Hearing, Simon Kelly conducted business in the Calgary, Alberta area. 

*  *  *

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.

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.

SOURCE Canadian Investment Regulatory Organization (CIRO)