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ARTICLE · 05 NOVEMBER 2024

Disgorged Funds As Part Of An Investor's Toolkit

Borden Ladner Gervais LLP
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For a second time, CIRO recently released for comment its proposal regarding Distributing Funds Disgorged and Collected through CIRO Disciplinary Proceedings to Harmed Investors (Phase II) (Proposal).

CanadaFinance and Banking
AUM Law
AUM Law
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For a second time, CIRO recently released for comment its proposal regarding Distributing Funds Disgorged and Collected through CIRO Disciplinary Proceedings to Harmed Investors (Phase II) (Proposal).

Responses to comments made on the original February 2023 proposal are included in an appendix. The object of the Proposal is to provide for the distribution of disgorged funds collected through CIRO's enforcement processes to harmed investors. Since the original proposal was drafted prior to several developments including to CIRO rules, it has been republished for comment unamended.

Certain aspects of the Proposal have been clarified, such as the fact that the eligible investor class will be open to all investors harmed by the misconduct (and not just those who participated in the enforcement proceedings). The comment period is open until January 20, 2025.

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