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Self-Represented Respondents
If you are considering representing yourself at your upcoming CIRO hearing, this page provides critical information about what is involved and what will be required of you.
This page will help you understand the process and the actions that you will need to take to prepare for your hearing.
Before Your Hearing
It is important to serve and file a Response to the allegations against you in a timely fashion. The purpose of the Response is to identify which facts and allegations are disputed among those listed in the Notice of Hearing and Statement of Allegations. In your Response, you must set out each allegation listed in the Notice of Hearing and provide your response by setting out your own description of the relevant facts.
If you fail to provide a Response, a hearing panel may proceed with the hearing as set out in the Notice of Hearing, in your absence, accept as proven the facts and contraventions set out in the Statement of Allegations and order significant sanctions and costs against you.
A Respondent must send a Response to Enforcement Counsel, copying the Hearings Office by email ([email protected]) or registered mail (CIRO, Hearings Office, 40 Temperance Street, Toronto, Ontario M5H 0B4).
If the Notice of Hearing is under the Investment Dealer and Partially Consolidated (IDPC) Rules, the Response must be filed within 30 days from the date of service of a Notice of Hearing.
If the Notice is under the Mutual Fund Dealer Rules, the Response must be filed within 20 days from the date of service of a Notice of Hearing.
A Response must contain:
- the facts the Respondent admits,
- the facts the Respondent denies and the ground for denial, and
- all other facts the Respondent relies on.
If you fail to provide a Response, a hearing panel may proceed with the hearing as set out in the Notice of Hearing, in your absence, accept as proven the facts and contraventions set out in the Statement of Allegations and order significant sanctions and costs against you.
At the Initial Appearance, the hearing panel will set dates for the hearing and a series of deadlines for documents, disclosure and evidence sharing pertaining to your case.
A Respondent to an enforcement proceeding is entitled to procedural fairness. This entitlement includes a right to know the evidence being brought against them and to have the opportunity to defend against it. In addition to being advised of the allegations that they face in the Notice of Hearing and Statement of Allegations, the Respondent is entitled to receive “disclosure” of evidence in the possession of Enforcement Staff.
After filing a written Response to the Notice of Hearing and Statement of Allegations, the Respondent will receive “disclosure” from Enforcement. Enforcement Staff must disclose all documents and items in Enforcement Staff’s possession that are relevant to the proceeding, with certain exceptions (i.e., privileged documents).
For further information about Enforcement Staff’s disclosure obligations, these are set out in section 8417 of the Investment Dealer and Partially Consolidated Rules (PDF) and Rule 10 of the Mutual Fund Dealer Rules of Procedure (PDF).
Prior to your hearing, you will receive documents from Enforcement Staff, commonly referred to as "disclosure". It is essential that you review this disclosure before the hearing and that you, in turn, disclose any other documents you intend to rely on in your defence.
Parties that do not disclose information in advance may not introduce that material as evidence or refer to the material unless a hearing panel permits it.
Parties to Enforcement proceedings may request a hearing date by filing the Hearing Date Request Form (PDF) with the Hearings Office at [email protected].
The same form is used to request a hearing date for an initial appearance, pre-hearing conference, motion, application, settlement hearing, liability hearing, sanction hearing or review hearing.
A pre-hearing conference can be used as an opportunity to discuss settlement, to set or amend a timetable for the steps to take place before the hearing or to resolve preliminary issues, such as jurisdiction or disclosure objections, before the main hearing begins.
If you want to reschedule a hearing date, also known as requesting an adjournment, you must contact the Hearings Office ([email protected]) and copy Enforcement Counsel. Such requests should be made as early as possible and must be made in writing. You must attend the hearing on the original hearing date unless the hearing panel has granted an adjournment in advance.
For more information on the rules pertaining to adjournment, see Section 8422 of the Investment Dealer and Partially Consolidated Rules.
To present evidence at a hearing, you may choose to call witnesses (including yourself).
If you choose to call a witness, you will need to provide their name along with a summary of what the witness will say at the hearing, known as a witness statement. Copies of the witness list and statements must be sent to Enforcement Staff and the Hearings Office ([email protected]) in advance of the hearing.
To submit evidence in your defence, send documents by email to Enforcement Counsel and copy the Hearings Office. You can also upload evidence to Case Center or send copies of evidence by mail to the CIRO Hearings Office.
You can file documents with the Hearings Office by email at [email protected] or by registered mail to:
Canadian Investment Regulatory Organization
Hearings Office
Suite 2600, 40 Temperance Street
Toronto, ON, M5H 0B4
All documents to be used at a hearing will be uploaded to Case Center. The documents uploaded to Case Center are not considered to be “filed” unless specifically requested by the party and accepted for filing by the Hearings Office. For more information on the use of Case Center in CIRO proceedings, please view the Case Center best practices and resources.
All documents used during a hearing must be uploaded to Case Center prior to the hearing (in addition to serving Enforcement Staff and filing the documents with the Hearings Office). You can then use Case Center to present documents or make submissions during the hearing. The Hearings Office can assist you with uploading your evidence to Case Centre and help you present the evidence during your hearing.
In preparation for your hearing, you may request a demo with the Hearings Office at [email protected] for Case Center and/or Webex, which will be used for an electronic or hybrid hearing.
A pre-hearing conference is a non-public meeting between members of the hearing panel and the parties before a hearing. All parties must attend scheduled pre-hearing conferences.
A pre-hearing conference can be used as an opportunity to discuss special accommodations or personal issues that may affect the hearing, separate from those pertaining to the case material, or to discuss the settlement of a case.
Any agreements reached or orders made at the pre-hearing conference may be recorded in a Pre-Hearing Conference Memorandum. All discussions, including any admissions made by the parties at the pre-hearing conference are without prejudice and cannot be repeated publicly or at any subsequent motion or hearing except as may be recorded in the Pre-Hearing Conference Memorandum or as may be subsequently agreed upon by the parties.
Section 8416 of the Investment Dealer and Partially Consolidated Rules (PDF) and Rule 9 of the Mutual Fund Dealer Rules of Procedure (PDF) describe how to request and prepare for a pre-hearing conference and set out what can be discussed at a pre-hearing conference.
Preparing for The Day of the Hearing
If you choose not to attend your hearing, Enforcement Staff may ask the hearing panel to proceed with the hearing even if you are not there.
You may attend your hearing and call witnesses in-person or virtually (via Webex).
You may request a training session for the use of Case Center and Webex to prepare for a virtual or hybrid hearing by emailing the Hearings Office at [email protected].
CIRO hearings are conducted in a specific order:
The Investment Dealer and Partially Consolidated Rule 8423 (PDF) and Rule 13 (PDF) of the Mutual Fund Dealer Rules of Procedure set out the order in which a hearing must be conducted.
Generally, the order is:
- Enforcement Staff make an opening address.
- The Respondent may choose to make an opening address right away or choose to wait until #5 below.
- Enforcement Staff present their evidence and examine their witnesses.
- The Respondent may cross-examine each of Enforcement Staff’s witnesses.
- The Respondent may choose to make an opening address at this time.
- The Respondent presents their evidence and examines their witnesses.
- Enforcement Staff may cross-examine each of the Respondent’s witnesses.
- Enforcement Staff may present evidence in reply.
- If the hearing panel permits, the parties may serve and file submissions in writing on facts and legal argument.
- Enforcement Staff may make closing submissions.
- The Respondent may make closing submissions.
- Enforcement Staff may reply to any new issues raised by the Respondent.
You can make submissions and present evidence in your defence at the hearing. Sometimes, submissions may be made in writing instead or in addition to verbal submissions at the hearing. Submissions are arguments in response to the allegations made against you, supported by the evidence and the applicable law. As a Respondent, you will be delivering your submissions after Enforcement Staff, who may deliver a reply to any new points raised after you conclude your submissions.
Enforcement Staff may ask the hearing panel to proceed with the hearing even if you are not there, provided that you have been properly served with the Notice of Hearing and Statement of Allegations. A hearing panel may order the hearing to proceed and issue a decision in your absence.
After the Hearing
Decision
The hearing panel may decide to announce part or all of its decision with respect to misconduct and penalty. An order is not needed to formalize the hearing panel’s findings. In the event that a hearing panel reserves part or all of its decision, it may also request additional information from Enforcement Counsel or the Respondent(s) that the hearing panel requires to render its decision. The hearing panel has to provide its decision in writing.
CIRO is required to issue notices announcing hearing dates and results of the proceedings, including reasons for hearing panels’ decision. Hearing-related notices are posted to CIRO’s website.
Notices of Hearing, Statements of Allegations and hearing panel orders and decisions are also posted to CIRO’s website.
Yes. Hearing panel decisions can be appealed to the relevant provincial securities commission or authority. You should consult the securities legislation in your jurisdiction to determine the proper procedure to launch an appeal, a.k.a. “review”, and take note of any applicable deadlines.
Generally, there is a 30-day time limit from the date of the decision within which to initiate a review with the relevant securities commission or authority.
Settlement
You may discuss settlement with Enforcement Staff at any time. Your discussions with Enforcement Staff are private and without prejudice. You may receive lesser sanctions and avoid the costs and inconvenience of a hearing. A settlement will require you to admit to a contravention of the Rules and agree to a sanction. To be effective and binding, the settlement agreement will have to be accepted by a hearing panel.
Even if the parties agree to settle the matter, the settlement agreement must be accepted by a hearing panel. A settlement hearing will be held, where the settlement agreement will be presented to the hearing panel. The hearing panel may accept or reject the settlement agreement negotiated by the parties.
A settlement hearing is not public unless and until the hearing panel accepts the settlement agreement. If the hearing panel does not accept the settlement agreement, then neither the settlement agreement nor the hearing panel’s reasons for decision become public.
If the settlement agreement is accepted by the hearing panel, the settlement agreement, together with the hearing panel’s decision and written reasons will be published on CIRO’s website.
Under the IDPC and the proposed CIRO Rules, the hearing panel's reasons for rejecting a settlement agreement will be made available to any hearing panel that considers a subsequent settlement agreement based on the same or related allegations and charges. However, these reasons must not be made public or referenced in a subsequent disciplinary hearing. Additionally, a member of a hearing panel that rejects a settlement agreement cannot participate as a member of a hearing panel that considers a subsequent settlement agreement or that conducts a disciplinary hearing based on the same or related allegations.
You may be able to find legal resources and representation by contacting one of the organizations here.
Reach out to the Hearings Office by email [email protected] or by phone 416-943-5863.
It is important to timely serve and file a Response to the allegations against you. The purpose of the Response is to identify which facts and allegations are disputed among those listed in the Notice of Hearing and Statement of Allegations. In your Response, you must set out each allegation listed in the Notice of Hearing and provide your own description of the relevant facts.
If you fail to provide a Response, a hearing panel may proceed with the hearing as set out in the Notice of Hearing, accept as proven the facts and contraventions set out in the Statement of Allegations and order significant sanctions and costs against you.
For more information, see the Guide to Hearings.
If you choose not to attend your hearing, Enforcement Staff may ask the hearing panel to proceed with the hearing even if you are not there.
You may attend your hearing and call witnesses in-person or electronically (via Webex).
You may request a demo session to prepare for a virtual or hybrid hearing by emailing the Hearings Office at [email protected].
Prior to your hearing, you will receive documents from Enforcement Staff, commonly referred to as "disclosure". It is essential that you review that disclosure before the hearing and disclose any other documents you intend to rely on in your defence. A party who does not disclose a document in compliance with Investment Dealer and Partially Consolidated Rule 8417 (3) and (4) and Rule 10.3(1) of the Mutual Fund Dealer Rules of Procedure may not introduce in evidence or refer to the document at a hearing without leave of the hearing panel.
To present evidence at a hearing, you may choose to call witnesses (including yourself).
If you choose to call a witness, you will need to provide their name along with a summary of what the witness will say at the hearing. Copies of the witness list and statements must be sent to Enforcement Staff and the Hearings Office ([email protected]) in advance of the hearing.
You can make submissions in your defence at the hearing. Sometimes, submissions may be made in writing instead or in addition to verbal submissions at the hearing. Submissions are arguments in response to the allegations made against you, supported by the evidence and the applicable law. As a Respondent, you will be delivering your submissions after Enforcement Staff, who may deliver a reply after you conclude your submissions.
The investment Dealer and Partially Consolidated Rule 8423 and Rule 13 of the Mutual Fund Dealer Rules of Procedure set out the order in which a hearing must be conducted. Generally, the order is:
- Enforcement Staff make an opening address,
- The Respondent may choose to make an opening address right away or choose to wait until #5 below,
- Enforcement Staff present their evidence and examine their witnesses,
- The Respondent may cross-examine each of Enforcement Staff’s witnesses,
- The Respondent may choose to make an opening address at this time,
- The Respondent presents their evidence and examines their witnesses,
- Enforcement Staff may cross-examine each of the Respondent’s witnesses,
- Enforcement Staff may present evidence in reply,
- If the hearing panel permits, the parties may serve and file submissions in writing on facts and legal argument,
- Enforcement Staff may make closing submissions,
- The Respondent may make closing submissions,
- Enforcement Staff may reply to any new issues raised by the Respondent.
You may discuss settlement with Enforcement Staff at any time. Your discussions with Enforcement Staff are private and without prejudice. You may receive lesser sanctions and avoid costs and inconvenience of a hearing. A settlement will require you to admit to a contravention of the Rules and agree to a sanction. To be effective and binding, the settlement agreement will have to be accepted by a hearing panel.
All documents used during a hearing must be uploaded to Case Center prior to the hearing (in addition to serving Enforcement Staff and filing the documents with the Hearings Office ([email protected]). You can then use Case Center to present documents or make submissions during the hearing.
In preparation for your hearing, you may request a demo with the Hearings Office at [email protected] for Case Center and/or Webex, which will be used for an electronic or hybrid hearing.
Hearing panel decisions can be reviewed by the relevant securities regulatory authorities.
Generally, there is a 30-day time limit from the date of the decision for either party to initiate a review.
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