On July 8, 2013, a hearing panel of the Investment Industry Regulatory Organization of Canada accepted a settlement agreement, with sanctions, between IIROC staff and Interactive Brokers Canada.
Specifically, the company admitted to the following violation:
(a) Between November 2007 and April 2008, it failed to comply with its trading supervision obligations contrary to UMIR 7.1 and Policy 7.1.
Pursuant to the settlement agreement, Interactive Brokers Canada agreed to a fine of $50,000. It also agreed to pay costs in the amount of $10,000.
IIROC formally initiated the investigation into Interactive Brokers Canada Inc.’s conduct in November 2010. The violations occurred when Interactive Brokers Canada Inc. was an IIROC-regulated firm. Interactive Brokers Canada Inc. is still an IIROC-regulated firm.