A mutual fund rep’s bid to have a registration suspension stayed, pending a review of the decision to impose that penalty, has been granted by the Ontario Securities Commission (OSC).
The OSC issued an order Friday immediately staying a registration suspension against Christopher Reaney.
Reaney sought the stay pending a hearing to review a decision by OSC Deputy Director Marrianne Bridge to suspend his registration for six months. The suspension was ordered after Reaney admitted to possessing blank signed forms, and to signing documents on behalf of clients.
In an application for a review of the decision, Reaney argued that the director erred in several respects in imposing that suspension.
The OSC will now hold a hearing on March 31 to review the director’s decision. In the meantime, the OSC ordered the suspension stayed immediately, until further order of the commission.
OSC staff consented to the stay, subject to certain conditions on his registration. Among other things, the OSC ordered that during the stay, Reaney is to be subject to strict supervision by his firm; the firm must verify the authenticity of client documents, and it is required to submit monthly supervisory reports to the commission.
Reaney is currently registered as a dealing representative with IPC Investment Corp. He has had an active business since 1996.