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The Canadian Investment Regulatory Organization (CIRO) has proposed amendments to its mutual fund dealer rules which would explicitly address disgorgement and fines separately as it relates to mutual fund dealers. The rules would then conform to language already applicable to investment dealers in the Investment Dealer and Partially Consolidated Rules. If adopted, the rules would explicitly provide that CIRO hearing panels can specifically order disgorgement from mutual fund dealers if CIRO requirements or securities legislation is breached. The proposed amendments are intended to clarify CIRO's current practices, and the comment period closed on September 22.
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