Le Lézard
Classified in: Business
Subject: LAW

Hearing Notice - CIRO Hearing Panel issues Reasons for Decision in the matter of Louis Desprès


MONTREAL, Oct. 31, 2023 /CNW/ - Following a settlement hearing held on September 12, 2023, in Montreal, Quebec, a hearing panel of the Investment Dealer Division of the Canadian Investment Regulatory Organization (CIRO) found that Louis Desprès failed to ensure that his recommendations were suitable for a client.

The hearing panel's decision dated October 6, 2023, is available at:

Re Desprès 2023 CIRO 14

In its reasons for decision, the hearing panel confirmed the sanctions imposed on the respondent. In particular, Mr. Desprès is required to:

      1. pay a fine of $18,000, including disgorgement of the financial benefits of $4,000; and

      2. successfully complete the Conduct and Practices Handbook exam within 60 days following the acceptance of the settlement.

Mr. Desprès is also required to pay costs in the amount of $2,000.

The alleged violations occurred while the Respondent was a Registered Representative at the Québec City branch of Raymond James Ltd, where he continues to be employed in a registered capacity.

All information about disciplinary proceedings relating to current and former member firms and individual registrants is available in the Enforcement section of the IIROC website for investment dealer disciplinary proceedings and the MFDA website for mutual fund dealer disciplinary proceedings.

Background information regarding the qualifications and disciplinary history, if any, of advisors currently employed by CIRO-regulated firms (Investment Dealer Division) is available free of charge through the AdvisorReport service. Information on how to make investment 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 sanctionss 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)


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