Enforcement Notice - Decision - IN THE MATTER OF Penson Financial Services Canada Inc. - Termination
MONTRÉAL, Aug. 7, 2014 /CNW/ - On Wednesday, August 6, 2014, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) ordered the termination of the membership of Penson Financial Services Canada Inc. (Penson).
Penson's IIROC membership has been suspended since February 4, 2013.
The Order came into effect on Wednesday, August 6, 2014. The Hearing Panel's Order is available at
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IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada. Created in 2008 through the consolidation of the Investment Dealers Association of Canada and Market Regulation Services Inc., IIROC sets high quality regulatory and investment industry standards, protects investors and strengthens market integrity while maintaining efficient and competitive capital markets.
IIROC carries out its regulatory responsibilities through setting and enforcing rules regarding the proficiency, business and financial conduct of dealer firms and their registered employees and through setting and enforcing market integrity rules regarding trading activity on Canadian equity marketplaces.
IIROC investigates possible misconduct by its member firms and/or individual registrants. It can bring disciplinary proceedings which may result in penalties including fines, suspensions, permanent bars, expulsion from membership, or termination of rights and privileges for individuals and firms.
All information about disciplinary proceedings relating to current and former member firms is available in the Enforcement section of the IIROC website. Background information regarding the qualifications and disciplinary history, if any, of advisors currently employed by IIROC-regulated firms is available free of charge through the IIROC AdvisorReport service. Information on how to make investment dealer, advisor or marketplace-related complaints is available by calling 1 877 442-4322.
SOURCE Investment Industry Regulatory Organization of Canada (IIROC) - General NewsFor further information: Enforcement Contact: Carmen Crépin, Vice President, Québec, 514-878-2854, firstname.lastname@example.org; Media Contact: Karen Archer, Senior Media and Public Affairs Specialist, 416 865-3046, email@example.com