Fired Bank / Financial Services Employees: Notice of Termination 33-109F1
Neufeld Legal P.C. can be reached by telephone at 905-616-8864 / 403-400-4092 or email Chris@NeufeldLegal.com
Understanding the Notice of Termination of Registered Individuals and Permitted Individuals (Form 33-109F1) for Fired Canadian Bank and Financial Services Employee providing Financial Services or Selling Securities
With the heavy regulation of Canada’s securities industry, the termination of an employee from a registered firm is more than a simple matter of human resources, it is a matter of serious legal consequences that demands appropriate legal advisement and action.
The termination of a Canadian bank employees and financial services employees who sell securities or provide financial advice triggers a mandatory regulatory filing known as the Notice of Termination of Registered Individuals and Permitted Individuals (Form 33-109F1).
Form 33-109F1 is viewed as a critical tool for Canadian securities regulators to oversee the conduct of market participants and protect investors, while the employers have a natural tendency to prepare those documents with their own self-interest being their primary driver.
At its core, Form 33-109F1 is a notification document. A securities dealer, adviser, or investment fund manager (the "sponsoring firm") must file this form with the applicable provincial or territorial securities commissions and self-regulatory organizations (SROs) whenever a "registered individual" or "permitted individual" ceases to have the authority to act on the firm's behalf.
This can be due to resignation, dismissal, retirement, or other circumstances. The form is intended to promptly inform regulators of these terminations, allowing them to maintain an accurate and up-to-date registry of individuals authorized to engage in securities-related activities.
Form 33-109F1 applies to two main categories of individuals:
• Registered Individuals who are registered to perform specific activities for their sponsoring firm, such as trading in securities, providing investment advice, or acting as a Chief Compliance Officer.
• Permitted Individuals, which includes directors, chief executive officers, chief financial officers, and other key individuals who may not be registered to trade but hold influential positions within the firm.
Form 33-109F1 goes beyond a simple notice of departure. The sponsoring firm is required to provide specific details about the termination, which are invariably from the employer’s sole perspective, including:
• Reason for Termination, using a checklist of reasons, such as voluntary resignation, termination for cause, or retirement.
• Details of the Termination, answering a series of questions about the employee’s conduct in the 12 months prior to their departure. These questions cover a wide range of potential issues, including whether the employee:
o Was the subject of any client complaints.
o Was under internal investigation.
o Failed to comply with the firm's policies and procedures.
o Had any outstanding financial obligations to clients.
o Was involved in any criminal or civil proceedings related to their securities activities.
The firm is obligated to provide detailed explanations for any affirmative answers to these questions.
The information provided on Form 33-109F1 is designed to enable regulators to identify potential misconduct and assess an individual's fitness for future registration in the securities industry.
If the form raises red flags, it can trigger a review or investigation by the securities commission. Where the bank or financial services employer has alleged that the employee was terminated “for cause”, which is typically based on the employer’s one-sided presentation and natural inclination to protect its role in these allegations, by understating its role and responsibility, it is important that the fired employee promptly protect their own personal and career interests.
As such, it imperative that those fired employees look to immediately address their termination allegedly “for cause” from a bank or financial services employer with a knowledgeable lawyer, such that the fired employee might deal with the fallout from their former employer’s allegations, which tend to be biased and self-protective, and its efforts to place the responsibility for the termination solely on the fired employee .
If your employment with a bank or other financial services employer has come to an end, contact our law firm to schedule a confidential consultation and protect your legal interests, via email at Chris@NeufeldLegal.com or by telephone at 905-616-8864 (for employees in Toronto and southern Ontario) or 403-400-4092 (for employees in Calgary and Alberta).
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Notice of Termination 33-109F1: Fired Bank & Financial Services Employees |
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Understanding the Notice of Termination of Registered Individuals and Permitted Individuals (Form 33-109F1) for Fired Canadian Bank and Financial Services Employee providing Financial Services or Selling Securities With the heavy regulation of Canada’s securities industry, the termination of an employee from a registered firm is more than a simple matter of human resources, it is a matter of serious legal consequences that demands appropriate legal advisement and action. . . . continue reading |
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