Hearing Panels

CIRO Hearing Committees hear and decide on disciplinary and other regulatory proceedings. Hearing Committees’ members sit as adjudicators, typically in panels of three, referred to as “hearing panels”.

Hearing panel members are independent of CIRO and decide matters based only on the evidence that is put before them by the parties, usually referred to as Enforcement Staff and Respondents. Respondents may be individual investment advisors or Dealer Member firms.

The Rules require that, with certain exceptions, hearing panel members reside in the district where the hearing is taking place. Hearings are therefore scheduled and take place locally in the 10 designated CIRO Districts.

The conduct of hearings is governed by the Investment Dealer and Partially Consolidated Rules 8400 and Rule 13 of the Mutual Fund Dealer Rules of Procedures.

Hearing panels’ make-up

Typically, hearing panels sit in panels of three. The chair of the hearing panel is a public member, who is either a retired judge or senior lawyer. The other two panel members are either active or former representatives of the investment industry. First appearances are often presided by a panel of one, typically the hearing panel chair. In exceptional circumstances, with consent of the parties, a proceeding may be heard by a panel of two members.

Term of appointment

Members are appointed to the CIRO Hearing Committees for a three-year term and can be reappointed to successive terms.

Appointment process

The Appointments Committee of the CIRO Board reviews applications and appoints the Hearing Committees members, considering the individual’s:

  • general knowledge of business practices and securities legislation,
  • experience,
  • regulatory background,
  • availability for hearings,
  • reputation in the securities industry,
  • ability to conduct hearings in French or English, and
  • Districts in which individuals would be entitled to serve.

Hearing Committees’ members

Current members on the CIRO Hearing Committees include: