HALIFAX,
NS, July 9, 2024 /CNW/ - On June 27, 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 Natalie Kiryak.
Natalie Kiryak admitted to
processing 20 transactions in respect of 15 clients as redemptions
and purchases, rather than as switches, in order to receive
increased performance credits, thereby:
i. engaging in conduct
which gave rise to a conflict of interest which she failed to
disclose to the Dealer Member, or ensure was addressed by the
exercise of responsible business judgment influenced only by the
best interests of the client; and
ii. failing to comply
with the Dealer Member's policies and procedures with respect to
the processing of trades as switches.
Pursuant to the settlement agreement, Natalie Kiryak agreed to a fine of $17,500 and costs of $5,000.
The Settlement Agreement is available at:
Kiryak, Natalie – Settlement Agreement
The hearing panel's decision will be made available at
www.ciro.ca.
At all material times, Natalie
Kiryak conducted business in the Dartmouth, Nova Scotia area. Natalie Kiryak is not currently registered in
the securities industry in any capacity.
* * *
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)