CIRO announces settlement hearing to take place in the matter of Ramanbhai Patel

TORONTO, July 28, 2023 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA"), now Canadian Investment Regulatory Organization ("CIRO"), commenced a disciplinary proceeding in respect of Ramanbhai Patel (the "Respondent") by Notice of Hearing dated March 1, 2023 ("Notice of Hearing").

As a 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 CIRO's Ontario District Hearing Committee on August 3, 2023, commencing at 10:00 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].

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:

a)  Between May 26, 2016 and June 1, 2021, the Respondent obtained, possessed and used to process transactions, 80 pre-signed account forms in respect of 29 clients, contrary to Mutual Fund Dealer Rule 2.1.1 (formerly MFDA Rule 2.1.1).

Settlement hearings of CIRO are typically held in the absence of the public pursuant to 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 carried on business in the Woodbridge, 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.

SOURCE Canadian Investment Regulatory Organization (CIRO)