Fees don't fit all.
IIROC's message is clear: "disclosure alone is not sufficient to address conflicts."
Clients lost $125,000 and $41,000, respectively.
Sanctions against firms plummet 73%.
Coming soon: The implementation of IIROC's new rules that restrict investment firm employees’ ability to act as power of attorney.
"Egregious" misconduct also garners fine of $200,000.
On February 21, 2017, an IIROC hearing panel fined and suspended registered rep Richard Poirier. Poirier admitted facilitating a client’s investment in a private placement and accepting remuneration or a gratuity, benefit or other consideration from a person other than the dealer member with whom he was employed. Specifically, Poirier admitted to the following: In […]
01 CSA staff notice 51-347: Disclosure of cybersecurity risks and incidents As business dependence on technology rises, so does business risk. A 2016 Ponemon Institute study found the average cost of a data breach is US$4 million. Businesses “are being encouraged, guided and compelled, in some instances, to try to manage those risks in meaningful […]
On March 6, 2017, an IIROC hearing panel fined and suspended Sasha Jacob. Jacob admitted he failed to supervise the activities and individuals at his then member firm, Jacob Securities Inc. Specifically, Jacob admitted to the following violation: From November 2013 to December 2015, as ultimate designated person (UDP) at Jacob Securities Inc., he failed […]
On February 14, 2017, an IIROC hearing panel accepted a settlement agreement, with sanctions, between IIROC staff and Scotia Capital Inc. IIROC says Scotia Capital admitted that it failed to properly supervise the conduct of Krishna Sammy, a portfolio manager at DWM Securities, to ensure compliance with the dealer member rules. Pursuant to the settlement […]