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Industry
A hearing panel of the Investment Industry Regulatory Organization of Canada (IIROC) has accepted a settlement agreement, which includes sanctions, between IIROC staff and National Bank Financial Inc. In the agreement, NBF admits to violating the Universal Market Integrity Rules (UMIR) by failing to meet its trading supervision obligations and audit trail requirements. National Bank […]
By Staff |January 21, 2011
1 min read
A hearing panel of the Investment Industry Regulatory Organization of Canada (IIROC) has accepted settlement agreements between IIROC staff and Paul Clarke and Todd O’Reilly. In the agreements, Mr. Clarke and Mr. O’Reilly admit that they failed to transact business openly and fairly, and in accordance with just and equitable principles of trade, contrary to […]
2 min read
A hearing panel of the Investment Industry Regulatory Organization of Canada (IIROC) has accepted a settlement agreement between IIROC staff and Gateway Securities Inc. that results in Gateway’s expulsion from IIROC membership. In the agreement Gateway admits it failed to meet IIROC’s minimum capitalization requirement, contrary to IIROC Rule 17.1. Gateway’s membership had been suspended […]
While Canadians bask in the praise of foreign policymakers who laud our prudent financial regulation, we should probably also take note of international criticism, according to the Canadian representative to the International Monetary Fund. The IMF has repeatedly expressed concern over Canada’s apparent refusal to adopt a single national securities regulator, according to Tom Hockin, […]
By Steven Lamb |January 20, 2011
A hearing panel of the Investment Industry Regulatory Organization of Canada (IIROC) has imposed a $732,500 fine against Blackmont Capital Inc. and a $265,000 fine against Dean Shannon Duke after an earlier decision found they had violated business conduct and trade authorization rules. As part of the penalty decision dated December 20, 2010, the panel […]
By Staff |January 20, 2011
An agreement in principle has been reached in the Norbourg class action lawsuit. Under the $55 million settlement there is no admission of liability. The amount will be covered by Beaulieu Deschambault S.E.N.C.R.L. (including Deschambault St-Jean S.E.N.C.R.L.) and Rémi Deschambault, the AMF, The Northern Trust Company, Canada, Concentra Trust and KPMG LLP. The $55 million […]
By Staff |January 19, 2011
The Ontario Securities Commission (OSC) is seeking applicants for membership on its Small Business Advisory Committee (SBAC). OSC staff recognize the pivotal role played by small issuers in the capital markets and the critical importance of consulting with investors, industry participants and other stakeholders. Small issuers account for 40 per cent of Ontario’s reporting issuers, […]
January 18, 2011
A hearing panel of the Investment Industry Regulatory Organization of Canada (IIROC) has found Ronald Stoneburg misappropriated $350,000 in client funds and forged a client signature. The penalty against Mr. Stoneburg includes a $425,000 fine and a permanent ban on conducting securities-related business in any capacity with an IIROC-regulated firm. The panel has also ordered […]
By Staff |January 17, 2011
A hearing panel of the Investment Industry Regulatory Organization of Canada (IIROC) has accepted a Settlement Agreement between IIROC staff and All Group Financial Services Inc. In the agreement, All Group Financial Services Inc. admits that it failed to maintain Risk-Adjusted Capital above zero, and that it reduced its capital by redeeming shares without prior […]
A hearing panel of the Investment Industry Regulatory Organization of Canada (IIROC) has accepted a settlement agreement between IIROC staff and Paul Ryan Klemke. In the agreement, Mr. Klemke admitted to unauthorized trading in client accounts; violating his know-your-client and suitability obligations in certain trading in client accounts; and trading in a security that was […]
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