Decision Notice – CIRO Hearing Panel issues Reasons for Decision in the matter of Lifan Song

WINNIPEG, MB, April 2, 2024 /CNW/ – Following a settlement hearing held on February 6, 2024 pursuant to the Mutual Fund Dealer Rules, a hearing panel of the Canadian Investment Regulatory Organization (CIRO) found that Lifan Song failed to report to the Dealer Member complaints that he received from clients, and without the prior written consent of the Dealer Member, paid compensation to clients. Lifan Song also provided a false or misleading response to the Dealer Member during its investigation into his conduct.

The hearing panel issued its reasons for decision on March 21, 2024, which are available at:

Re Song 2024 CIRO 42

In its reasons for decision, the hearing panel confirmed the sanctions imposed on the respondent. In particular:

a prohibition from conducting securities related business in any capacity while in the employ of or associated with any Dealer Member of CIRO that is registered as a mutual fund dealer for a period of 6 months; anda fine in the amount of $20,000.

Lifan Song also agreed to pay costs in the amount of $5,000.

Lifan Song conducted business with Investors Group Financial Services Inc. in the Winnipeg, Manitoba area. He is no longer a registrant with a CIRO-regulated firm.

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.

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)