A hearing panel may issue a decision in writing or orally at the end of the hearing. At the end of a settlement hearing, a hearing panel will often tell the parties whether it accepts or rejects the settlement. That is the decision. What follows is the written Reasons for Decision.
Publication and Enforceability
The Hearing Office issues a decision to the parties as soon as it is rendered by a hearing panel. Unless stated otherwise, a hearing panel’s decision is effective on the date it is dated.
All decisions are published on CIRO’s website (except decisions to reject a settlement agreement).
CIRO has the ability to enforce decisions and collect fines through courts in every province and territory of Canada.
Search Decisions
To search for a CIRO hearing panel decision, you may visit:
- Enforcement proceedings on CIRO’s website or
- CanLII (the Canadian Legal Information Institute) database.
Review or Appeal a Decision
CIRO hearing panel decisions can be reviewed by the relevant securities regulatory authorities. Consult the securities legislation in your jurisdiction to determine the proper procedure to launch a review, a.k.a. an appeal and take note of any applicable deadlines:
- Alberta Securities Commission
- British Columbia Securities Commission
- Manitoba Securities Commission
- Financial and Consumer Services Commission in New Brunswick
- Service Newfoundland
- Northwest Territories Superintendent of Securities
- Nova Scotia Securities Commission
- Office of the Superintendent of Securities of Nunavut
- Capital Markets Tribunal, an independent division of the Ontario Securities Commission
- Prince Edward Island Office of the Superintendent of Securities
- Tribunal administratif des marchés financiers in Québec
- Financial and Consumer Affairs Authority in Saskatchewan
- Yukon Superintendent of Securities