Subject: LAW
CIRO announces disciplinary proceeding in respect of Kimberly Myles Larson
TORONTO, Oct. 23, 2023 /CNW/ - The Canadian Investment Regulatory Organization ("CIRO") has commenced disciplinary proceedings in respect of Kimberly Myles Larson (the "Respondent"). In its Notice of Hearing dated July 28, 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 July 2009 and September 2016, the Respondent engaged in securities related business that was not carried on for the account of the Dealer Member or conducted through its facilities by recommending, selling, or facilitating the sale of limited partnership units and promissory notes to clients and other individuals, contrary to the Dealer Member's policies and procedures and Mutual Fund Dealer Rules 1.1.1, 2.1.1, and 1.1.2(b) (as it relates to Mutual Fund Dealer Rule 2.5.1) (formerly MFDA Rules 1.1.1, 2.1.1, 1.1.2, and 2.5.1)).1
Allegation #2: Between July 2009 and September 2016, the Respondent made referrals in respect of limited partnership units and promissory notes and received compensation for doing so, thereby participating in a referral arrangement to which the Dealer Member was not a party and which did not otherwise comply with the Dealer Member's policies and procedures, sections 13.7 to 13.10 of National Instrument 31-103, and Mutual Fund Dealer Rules 2.4.2, 2.1.1, and 1.1.2(b) (as it relates to Mutual Fund Dealer Rule 2.5.1) (formerly MFDA Rules 2.4.2, 2.1.1, and 1.1.2 (as it relates to MFDA Rule 2.5.1)).2
Allegation #3: Between July 2009 and September 2016, the Respondent engaged in an unapproved outside business activity in relation to limited partnership units and promissory notes, contrary to the Dealer Member's policies and procedures and Mutual Fund Dealer Rules 1.3, 2.1.1 and 1.1.2(b) (as it relates to Mutual Fund Dealer Rule 2.5.1) (formerly MFDA Rules 1.2.1(d), 2.1.1, and 1.1.2 (as it relates to MFDA Rule 2.5.1)).3
The first appearance in this proceeding will take place by teleconference before a Hearing Panel of CIRO's Alberta District Hearing Committee on November 8, 2023 at 10:00 a.m. (Mountain), 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.
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 Provost, Alberta area.
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.
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1 Staff alleges that, at the time of the misconduct, the Respondent contravened MFDA Rules 1.1.1, 2.1.1, and 1.1.2 (as it relates to MFDA Rule 2.5.1), which are now incorporated into Mutual Fund Dealer Rules 1.1.1, 2.1.1, and 1.1.2(b) (as it relates to Mutual Fund Dealer Rule 2.5.1) referred to in this proceeding. On January 21, 2021, amendments to MFDA Rule 1.1.1 came into effect. As the conduct addressed in this proceeding pre-dated the amendment to that Rule, the version of MFDA Rule 1.1.1 that was in effect between January 7, 2004 and January 20, 2021 is applicable to this proceeding. |
2 Staff alleges that, at the time of the misconduct, the Respondent contravened MFDA Rule 2.4.2, which is now incorporated into Mutual Fund Dealer Rule 2.4.2 referred to in this proceeding. MFDA Rule 2.4.2 was amended on April 8, 2015 and again on December 31, 2021. Staff further alleges that between March 28, 2010 and April 7, 2015, the Respondent contravened sections 13.7 to 13.10 of National Instrument 31-103. Sections 13.7 to 13.10 of National Instrument 31-103 were amended on July 8, 2011 and multiple times thereafter. The versions of sections 13.7 to 13.10 of National Instrument 31-103 and MFDA Rule 2.4.2 in effect at the time of the misconduct, as amended from time to time, apply to this proceeding. |
3 Staff alleges that, at the time of the misconduct, the Respondent contravened MFDA Rules 1.2.1(d), which is now incorporated into Mutual Fund Dealer Rule 1.3 referred to in this proceeding. On December 3, 2010, MFDA Rule 1.2.1(d) was renumbered as MFDA Rule 1.2.1(c). On March 17, 2016, MFDA Rule 1.2.1(c) was amended and renumbered as MFDA Rule 1.3. As the conduct addressed in this proceeding commenced at a time prior to the amendments to the Rule, the version of MFDA Rue 1.2.1(d) that was in effect between February 23, 2001 and December 2, 2010 is applicable to this proceeding. |
SOURCE Canadian Investment Regulatory Organization (CIRO)
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