Regulatory

IIROC fines Cornacchia, Northern Securities

A hearing panel of the Investment Industry Regulatory Organization of Canada (IIROC) has imposed penalties against Rocco Tony Cornacchia and, Northern Securities Inc., after finding that both had violated IIROC rules in the following manner: As penalties, the panel ordered that: Specifically, the panel determined the parties committed the following violations: IIROC began the investigation […]

By Staff |June 2, 2011

2 min read

IIROC fines Connacher half a million

A hearing panel of the Investment Industry Regulatory Organization of Canada (IIROC) has imposed a penalty against David Bruce Connacher that includes a $500,000 fine, a lifetime prohibition from seeking re-registration with an IIROC-regulated firm, and $71,315.50 in costs. The penalty follows the panel’s earlier decision, dated April 20, 2011which found that Connacher had violated […]

By Staff |June 1, 2011

1 min read

Comments period open on covered bonds

Reader alert: Look for an analysis of covered bonds in the June edition of Advisor’s Edge Report. Fulfilling a promise made in the March 2010 budget, the Department of Finance has published a consultation paper that proposes a legislative framework for Federally Regulated Financial Institution (FRFI) to issue covered bonds. Covered bonds are debt securities […]

May 20, 2011

1 min read

IIROC settles with Konstantinos Georgeos Arapis

A hearing panel of the Investment Industry Regulatory Organization of Canada (IIROC) has accepted a settlement agreement, with sanctions, between IIROC staff and Konstantinos Georgeos Arapis. With this agreement, Arapis admits that he had clients participate in an off-book transaction and that he failed to ensure that certain trades were within the bounds of good […]

By Staff |May 19, 2011

2 min read