On October 31, 2012, an IIROC hearing panel issued a settlement agreement, with sanctions, between IIROC staff and Ronald Lann.
IIROC has issued for comment proposed amendments to the trading rules relating to third-party electronic access to marketplaces and complementary draft guidance. Today’s proposed rule changes build on electronic trading provisions proposed by IIROC in June 2012 by providing a framework to govern three distinct types of third-party electronic access: order execution services to retail […]
IIROC has requested comments on draft guidance with respect to outsourcing work and business.
New trading rules that went live today amend IIROC’s rules governing short sales and failed trades repeal the longstanding determination for a short sale.
Registration requirements are strict and might stand in the way of an advisor providing access to an investment that’s truly in the client’s best interests.
Advisors may soon have to justify how they get paid to clients, and could face disciplinary action if a regulator deems that structure inappropriate
The Investment Industry Regulatory Organization of Canada (IIROC) has issued its new Strategic Plan for the period 2012 – 2015. “This Plan will guide IIROC’s efforts to strengthen investor protection and stakeholder confidence in the integrity, fairness and competitiveness of Canada’s capital markets,” says Susan Wolburgh Jenah, IIROC president and CEO. IIROC developed its first […]
An IIROC hearing panel found Gary Beck made discretionary trades in a client’s account without approval. From October 2007 to April 2009, he made the trades without the account having been approved and accepted as a discretionary account, contrary to IDA Regulation 1300.4. The hearing panel imposed the following penalty on Beck: (a) A $20,000 […]
An IIROC hearing panel has accepted a settlement agreement including sanctions between its staff and Michael Reid Ast. Ast admitted to engaging in discretionary trading over two decades—with clients’ consent, but without obtaining the necessary prior written authorization from the clients or his firm. Ast confessed to the following violation: Between 1991 and 2009, he […]
Following a disciplinary hearing held on Wednesday, May 23, 2012, in Manitoba, a hearing panel of the Investment Industry Regulatory Organization of Canada found that Douglas Michael Warkentin liable of falsifying a personal account statement from CIBC Wood Gundy. He submitted the document to his firm, Wellington West Capital, as part of a leverage loan […]