Enforcement penalties and others imposed on businesses amount to about $14M, Canada Investment regulator says

Canada’s investment product regulator says it imposed more than $14 million in fines and other financial enforcements in its last fiscal year.

 

The Canadian Investment Regulatory Organization (CIRO) says the total also includes imposed costs and the forced return of ill-gotten profits.

 

The regulator says it also ordered suspensions and permanent prohibitions in a significant proportion of proceedings against individuals.

 

Enforcement efforts included a $2 million fine against Fortrade Canada for recommending a high-risk product to unsophisticated retail clients, and a $1.7 million fine and permanent ban on securities-related business against Paul Walker for a range of misconduct including soliciting more than $1.5 million in investments for an outside business activity.

 

CIRO was created at the start of 2023 through a combination of the Investment Industry Regulatory Organization of Canada and the Mutual Fund Dealers Association of Canada.

 

The new self-regulatory organization says it is focused on harmonizing its regulatory approach to create more consistency and timeliness with enforcement action.

 

 

 

 

This article was first reported by The Canadian Press