• CIRO released its 2023-2024 Enforcement Report, underscoring its commitment to investor protection, improving industry standards, and strengthening market integrity.

Case Highlights

• Fortrade Canada fined $2mn for making prohibited recommendations.
• As order execution dealer, Fortrade violated regulations by providing recommendations.
• Also failed to maintain a proper supervisory system and retain necessary records.
• BMO Nesbitt Burns was fined $1.5mn for failing to implement a proper supervisory system regarding high-risk trading strategy of its registered representative.
• Strategy involved clients investing in preferred shares by short selling CAN GVT bonds.