Decision Notice – CIRO Sanctions Stifel Nicolaus Canada Inc.

TORONTO, Aug. 23, 2024 /CNW/ – On August 14, 2024, a panel of the Canadian Investment Regulatory Organization (CIRO) held a hearing pursuant to the Investment Dealer and Partially Consolidated Rules and accepted a settlement agreement, with sanctions, between Enforcement Staff and Stifel Nicolaus Canada Inc.

Stifel Nicolaus Canada Inc. admitted that it failed to enforce a system to supervise the activities of its employees regarding the receipt and containment of confidential information.

Pursuant to the settlement agreement, Stifel Nicolaus Canada Inc. agreed to pay a fine of $475,000 and costs of $25,000.

The Settlement Agreement is available at: 

Stifel Nicolaus Canada Inc. – Settlement Agreement

The hearing panel’s decision will be made available at www.ciro.ca.

Stifel Nicolaus Canada Inc. is a CIRO-regulated dealer member.

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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)