TORONTO, July 9, 2013 /CNW/ - On June 26, 2013, a Hearing Panel of the
Investment Industry Regulatory Organization of Canada (IIROC) accepted
a Settlement Agreement, with sanctions, between IIROC staff and Paul
Mr. Richardson admitted that he failed to fully and properly supervise a
Registered Representative at his branch.
Specifically, Mr. Richardson admitted to the following violation:
Between December 2007 and July 2009, Mr. Richardson, a Branch Manager,
failed to fully and properly supervise Stephen Robert Peirson, a
Registered Representative at his branch, and his client account
activities contrary to IIROC Dealer Member Rules 1300.2 and 2500 (IDA
Regulation 1300.2 and Policy No. 2 prior to June 1, 2008).
Pursuant to the Settlement Agreement, Mr. Richardson agreed to the
A fine in the amount of $15,000;
A suspension from registration approval as a Supervisor for a period of
one month; and
Successfully re-write the Branch Managers Course within 12 months of the
acceptance of the Settlement Agreement.
Mr. Richardson also agreed to pay costs in the amount of $2,000.
The Settlement Agreement is available at:
and the Hearing Panel's decision will be made available at www.iiroc.ca.
Documents related to ongoing IIROC enforcement proceedings - including
Reasons and Decisions of Hearing Panels - are posted on the IIROC
website as they become available. Click here to search and access all IIROC enforcement documents.
IIROC formally initiated the investigation into Mr. Richardson's conduct
in October 2010. The conduct occurred when he was a Registered
Representative and Supervisor with a Kingston, Ontario branch of
Raymond James Ltd., an IIROC-regulated firm, where he is still
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 News
For further information:
Vice President, Enforcement
Senior Media and Public Affairs Specialist