On August 29, 2016, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) accepted a Settlement Agreement, with sanctions, between IIROC staff and IPC Securities Corporation.

IPC Securities Corporation admitted that it failed to conduct strict supervision of a Registered Representative pursuant to an acknowledgement and consent provided to IIROC.

Specifically, IPC Securities Corporation admitted to the following violation:

(a) Between January and June 2014, IPC Securities Corporation failed to conduct strict supervision of a Registered Representative pursuant to an acknowledgement and consent provided to IIROC, contrary to IIROC Dealer Member Rules 29.1 and 2500.

Pursuant to the Settlement Agreement, IPC Securities Corporation agreed to the following penalty:

(a) A fine of $65,000.

IPC Securities Corporation also agreed to pay costs in the amount of $5,000.

The Settlement Agreement is available here.

The Hearing Panel’s decision dated August 29, 2016, is available here.