TORONTO, Sept. 18, 2023 /CNW/ - The Canadian Investment Regulatory Organization ("CIRO") has commenced disciplinary proceedings in respect of Jila Mahnaz Mott (the "Respondent). In its Notice of Hearing dated August 4, 2023 (the "Notice of Hearing"), Staff of CIRO alleges that the Respondent engaged in the following violations of the Mutual Fund Dealer Rules:
Allegation #1: Between September 2019 and September 2021, the Respondent borrowed monies from clients, which gave rise to conflicts or potential conflicts of interest that the Respondent failed to disclose to the Dealer Member or otherwise ensure were addressed by the exercise of responsible business judgment influenced only by the best interests of the clients, contrary to the Dealer Member's policies and procedures and Mutual Fund Dealer Rules 2.1.4, 1.1.2 (as it relates to Rule 2.5.1) (formerly MFDA Rules 2.1.4, 1.1.2 and 2.5.1).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 29, 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.
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.
1 Staff alleges that, at the time of the misconduct, the Respondent contravened MFDA Rules 2.1.4 and 1.1.2 (as it relates to Rule 2.5.1) which are now incorporated into Mutual Fund Dealer Rules 2.1.4, 1.1.2 and 2.5.1 referred to in this proceeding. On June 30, 2021, amendments to MFDA Rule 2.1.4 came into effect, and on July 7, 2022, amendments to MFDA Rule 1.1.2 came into effect. As the conduct addressed in this proceeding pre-dated the amendments to these Rules, the version of MFDA Rule 2.1.4 that was in effect between February 27, 2006 and June 30, 2021 is applicable to this proceeding, and the version of MFDA Rule 1.1.2 that was in effect prior to July 7, 2022 is applicable to this proceeding.
SOURCE Canadian Investment Regulatory Organization (CIRO)
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