Two B.C. stockbrokers are challenging their regulator’s authority to appeal a hearing panel decision that cleared them of allegations that they failed in their “gatekeeper” obligations.
The Canadian Investment Regulatory Organization (CIRO) had filed a request for review (appeal) with the B.C. Securities Commission (BCSC) after a CIRO hearing panel cleared Teymur Englesby and Cale Nishimura of PI Financial Corp., now known as Ventum Financial Corp., of the allegations in July 2024.
The stockbrokers’ lawyers Owais Ahmed and Jessica Mank of McCarthy Tetrault argued before a commission review panel that CIRO has no jurisdiction to appeal the CIRO hearing panel.
The issue, said Mank, is whether CIRO is an “affected person” and thus has standing at the
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