HALIFAX,
NS, June 27, 2024 /CNW/ - On May 22, 2024, a panel of the Canadian Investment
Regulatory Organization (CIRO) held a hearing pursuant to the
Mutual Fund Dealer Rules and accepted a settlement agreement, with
sanctions, between Enforcement Staff and Gregory Rice.
Gregory Rice admitted to the
following violations:
a) processing a transaction
without obtaining client instructions with respect to all essential
elements of the trade, thereby engaging in discretionary trading;
and
b) processing a transaction on
behalf of a client pursuant to email trade instructions from the
client without obtaining verbal authorization from the client.
Pursuant to the settlement agreement, Gregory Rice agreed to a fine of $10,000.
Gregory Rice also agreed to pay
costs in the amount of $5,000.
The Settlement Agreement is available at:
Rice, Gregory – Settlement Agreement
The hearing panel's decision will be made available at
www.ciro.ca.
At all material times, Gregory
Rice conducted business in Berwick, Nova Scotia.
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.
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.
SOURCE Canadian Investment Regulatory Organization (CIRO)