Xin Lian

IN THE MATTER OF THE SECURITIES ACT, 
R.S.O. 1990, c. S.5, AS AMENDED

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IN THE MATTER OF AN APPLICATION FOR REGISTRATION OF 
XIN LIAN

DECISION OF THE DIRECTOR

1. Xin (also known as Grace) Lian has applied for reactivation of registration as a dealing representative in the category of mutual fund dealer under the Securities Act, R.S.O. 1990, c. S.5 (the Act) with Desjardins Financial Security Investments Inc. (Desjardins).
2. Ms. Lian was previously registered under the Act with another firm from 2012 to 2022. She subsequently applied to reactivate her registration, under Desjardins’ sponsorship, on September 21, 2022. Following a review of that application, the Registrations, Inspections and Examinations Division (the RIE Division) took the position that Ms. Lian had not demonstrated the requisite integrity for registration and that her registration would otherwise be objectionable, and recommended to the Director that Ms. Lian’s application be refused on July 5, 2023.
3. RIE Division relied on the following grounds in recommending a refusal of Ms. Lian’s prior application for registration:
   1. She accessed customers’ profiles without a business reason while working at her former sponsoring firm.
   2. She shared a customer’s confidential investment statement with her former colleague after her colleague departed from her former sponsoring firm.
   3. She failed to provide true and complete disclosure regarding the incidents surrounding her termination from her former sponsoring firm during her interactions with the Ontario Securities Commission.
4. Ms. Lian’s prior application for registration was withdrawn on July 6, 2023.
5. Ms. Lian re-applied for registration on November 15, 2024, and the RIE Division again reviewed the application. Following this review, the RIE Division sent a letter to Ms. Lian on April 23, 2025, informing her that the RIE Division had recommended to the Director that her registration be granted subject to following terms and conditions (Terms and Conditions) which are set out in Schedule “A”:
   1. Ms. Lian would be subject to strict supervision by Desjardins for a minimum period of one year.
6. The RIE Division’s April 23, 2025 letter cited the following grounds, among others, in support of its recommendation:
   1. Ms. Lian demonstrated remorse for the actions that caused her termination from her former sponsoring firm.
   2. Ms. Lian acknowledged that it was improper for her to provide inaccurate information to the RIE Division with respect to her termination for cause from her former sponsoring firm.
   3. Ms. Lian advised that since the time of her prior application she had not been in contact with her former colleague who was involved in the incidents surrounding her termination from her former sponsoring firm.
   4. Ms. Lian completed the Conduct and Practices Handbook course offered by the Canadian Securities Institute.
   5. Ms. Lian submitted reference letters by Desjardins, and she has been steadily employed by Desjardins since the time of her prior application without any complaints or concerns.
   6. As a result, because of the steps that Ms. Lian took towards the rehabilitation of her suitability, the RIE Division now recommended to the Director that Ms. Lian could be registered with Terms and Conditions on her registration.

7. The RIE Division’s April 23, 2025 letter informed Ms. Lian of her right to be heard before a decision was made regarding the RIE Division’s recommendation, in accordance with s. 31 of the Act. Ms. Lian did not request to be heard, and both she and Desjardins accepted the Terms and Conditions. Accordingly, Ms. Lian’s registration in Ontario was reactivated effective April 25, 2025, subject to the Terms and Conditions.