IIROC has revealed that on February 28, 2012, a hearing panel accepted a settlement agreement between IIROC staff and Pope & Company Limited.

Pope & Company admitted that between December 2008 and January 2011 it failed to comply with its best price obligation, contrary to the Universal Market Integrity Rules (UMIR).

Specifically, Pope & Company admitted to the following violations:

Between December 2008 and January 2011, it contravened the following requirements of UMIR:

(i) failed to make reasonable efforts to ensure that orders were executed at the best price, contrary to UMIR 5.2 and UMIR Policy 5.2; and

(ii) failed to have adequate policies and procedures in place to ensure reasonable efforts were made to execute orders at the best price, contrary to UMIR 7.1 and UMIR Policy 7.1.

Pursuant to the settlement agreement, Pope & Company agreed to pay a fine to IIROC in the amount of $30,000. Pope & Company also agreed to pay costs in the amount of $5,000.

Read the settlement agreement.

IIROC formally initiated the investigation into Pope & Company’s conduct in November 2010. Pope & Company is currently an IIROC-regulated firm.