Sasktatoon (Saskatchewan), June 15, 2023 – On June 6, 2023, a hearing panel of the Investment Dealer Division of the Canadian Investment Regulatory Organization (CIRO) accepted a settlement agreement, with sanctions, between Enforcement Staff and Blaine Patrick Arnold.
Mr. Arnold admitted that he failed in his responsibilities as Branch Manager resulting in the collection, possession and use of client account forms that were improperly executed, i.e., either signed in blank or missing key information.
Specifically, Mr. Arnold admitted to the following violation:
- Between January 2012 and March 2021, Mr. Arnold failed in his supervisor responsibilities, while Branch Manager, resulting in the collection, possession, and use of pre-signed forms, contrary to Dealer Member Rule 38.4.
Pursuant to the settlement agreement, Mr. Arnold agreed to the following sanctions:
- a six-month suspension from registration in a supervisory capacity;
- a fine in the amount of $35,000; and
- a requirement to successfully rewrite the Supervisors Course exam before acting in a supervisory capacity.
Mr. Arnold also agreed to pay costs in the amount of $5,000.
The settlement agreement is available at:
The hearing panel’s decision will be made available at www.iiroc.ca.
* * *
All information about disciplinary proceedings relating to current and former member firms and individual registrants is available in the Enforcement section of the IIROC website for investment dealer disciplinary proceedings and the MFDA website for mutual fund dealer disciplinary proceedings.
Background information regarding the qualifications and disciplinary history, if any, of advisors currently employed by CIRO-regulated firms (Investment Dealer Division) is available free of charge through the AdvisorReport service. Information on how to make investment 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.
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 carrying on the regulatory functions of the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association of Canada (MFDA), and 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.
Other Notices associated with this Enforcement Proceeding:
05/24/23New SRO to Hold a Settlement Hearing for Blaine Patrick ArnoldType: Enforcement NoticeSubtype: Hearing
06/15/23CIRO Sanctions Blaine Patrick ArnoldType: Enforcement NoticeSubtype: Decision
Welcome to CIRO.ca!
We have a new look! You can find the Canadian Investment Regulatory Organization (CIRO) at CIRO.ca with our fresh look and feel.
You can now find new publications published by CIRO since January 1, 2023 on CIRO.ca. If you are looking for past notices or bulletins published by MFDA or IIROC, you can find those on our legacy websites. Enforcement related content will continue on those websites as well.
You can now find previous Annual Reports and Enforcement Reports on CIRO.ca, along with Halts and Resumption, and our ePublications sign up (for all previous MFDA and IIROC subscriber lists).
We will continue moving items off MFDA and IIROC in 2023/2024. Stay tuned for future updates.