On October 28, 2016, a hearing panel of the Investment Industry Regulatory Organization of Canada accepted a settlement agreement, with sanctions, between IIROC staff and Edward Jones.

Edward Jones admitted to insufficient retail account supervision, contrary to IIROC Dealer Member Rules 38.1 and 2500. Specifically, Edward Jones admitted to the following violation:

  • From 2008 to March 2013, Edward Jones did not meet the minimum standards for retail account supervision in five cases, and client accounts and activities of its Registered Representatives were not sufficiently supervised, contrary to IIROC Dealer Member Rules 38.1 and 2500.

Pursuant to the settlement agreement, Edward Jones agreed to the following penalty:

  • A fine of $250,000.

Edward Jones also agreed to pay costs in the amount of $50,000

Read the settlement agreement.

IIROC formally initiated the investigation into Edward Jones’ conduct in October 2012. Edward Jones is an IIROC-regulated firm.