Regulatory

KYC failure costs advisor $27,000

A hearing panel of the Investment Industry Regulatory Organization of Canada (IIROC) has accepted a settlement agreement, with sanctions, between IIROC staff and Mary Louise Kasten-Brown. In the settlement agreement, Kasten-Brown admits she failed her know-your-client and suitability obligations when she processed the opening of accounts and facilitated private share purchases for eight clients, without […]

By Staff |July 11, 2011

1 min read

IIROC announces settlement with Mary Louise Kasten-Brown

A Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) has accepted a settlement agreement, with sanctions, between IIROC staff and Mary Louise Kasten-Brown. In the settlement agreement, Ms. Kasten-Brown admits she failed her know-your-client and suitability obligations when she processed the opening of accounts and facilitated private share purchases for eight clients, […]

By Staff |July 8, 2011

1 min read

CSA publishes marketing guidance for PMs

The Canadian Securities Administrators (CSA) has published guidance for the preparation, review and use of marketing materials by portfolio managers. Staff Notice 31-325 is based on a compliance review of the marketing practices employed by 50 portfolio managers. Common deficiencies included exaggerated or unsubstantiated claims, improper use of benchmarks, and the preparation and use of […]

By Staff |July 5, 2011

2 min read

IIROC settles with Elizabeth Maureen Morrison

A hearing panel of the Investment Industry Regulatory Organization of Canada (IIROC) has accepted a settlement agreement, with sanctions, between IIROC staff and Elizabeth Maureen Morrison. With this agreement, Morrison admits that she failed in her know-your-client and suitability obligations when she facilitated investments in a private placement for approximately 179 clients, but failed to […]

By Staff |July 4, 2011

2 min read