Briefly: “IIROC settles with Gary Voncina” and more news

By Staff | October 5, 2010 | Last updated on October 5, 2010
2 min read

A Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) has approved a Settlement Agreement, including sanctions, between IIROC staff and Gary Voncina.

In the agreement, Mr. Voncina agreed to pay a $15,000 fine plus $500 in costs.

Mr. Voncina also agreed to a suspension from approval in any registered capacity with IIROC for a period of 15 months. He must re-write and pass the Conduct and Practices Handbook examination before being eligible for registration with IIROC and, upon any subsequent registration with IIROC, he must be under supervision for eight months.

In the agreement, Mr. Voncina admitted that between the fall of 2005 and January 2007 he:

(a) Made two unauthorized trades in a client’s account without the client’s authorization, contrary to IDA By-law 29.1 (now IIROC Rule 29.1);

(b) Engaged in personal financial dealings with three clients without informing his firm, contrary to IDA By-law 29.1 (now IIROC Rule 29.1);

(c) Engaged in discretionary trading in a client’s account, contrary to IDA Regulation 1300.4 (IIROC Rule 1300.4).

IIROC began the investigation into Mr. Voncina’s conduct in February 2007. The violations occurred when he was a Registered Representative with TD Waterhouse Canada Inc. in Calgary, Alberta. TD Waterhouse Canada is an IIROC-regulated firm. Mr. Voncina is no longer registered with an IIROC-regulated firm.

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Sprott seeks approval for fund merger

Sprott Asset Management has proposed the merger of Sprott Global Equity Fund into the smaller Sprott All Cap Fund effective on or about November 30, 2010.

Holders of units of each series of Sprott Global Equity Fund will receive units of the equivalent series of Sprott All Cap Fund, determined on a dollar-for-dollar basis.

Special unitholder meetings will be held on or about November 25 2010. Unitholders of the Global Equity fund will have the right to redeem their units up to the close of business on the business day immediately preceding the effective date of the merger.

Following the merger, all pre-authorized chequing plans that had been established with respect to the Global Equity fund will be re-established with Sprott All Cap Fund, unless an investor advises the company otherwise.

– Steven Lamb

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Dynamic cuts money market fees

Dynamic Funds has announced changes to the fee structure on the Dynamic Money Market Fund and Dynamic Money Market Class, citing the changing interest rate environment in Canada.

Effective October 4, 2010, the management fee on Dynamic Money Market Fund Series A and Dynamic Money Market Class Series C will be reduced from 1.00% to 0.80%. A temporary waiver announced April 16, 2009, reduced the fee to 0.25%; that will now rise to 0.55%.

The management fee on Dynamic Money Market Fund Series F will be reduced from 0.60% to 0.50%.

The company points out that the Dynamic Money Market Fund has begun to generate distributions again, in accordance with the distribution policy outlined in its prospectus.

– Steven Lamb

(10/05/10) staff


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