TORONTO, May 30, 2011 /CNW/ - A Hearing Panel of the Investment Industry Regulatory Organization of
Canada (IIROC) will meet to consider whether it should accept a
settlement agreement between IIROC staff and CIBC World Markets.
The proposed agreement concerns allegations that CIBC World Markets
failed to maintain adequate internal controls on margin calculations
related to certain options contracts.
June 8, 2011, 10:00 a.m.
JPR Meeting rooms
390 Bay Street - 4th floor, Hearing Room A
The hearing is not open to the public, but will become open in the event
the panel accepts the agreement. If the agreement is accepted, the
panel's decision and reasons will be made available at www.iiroc.ca.
IIROC began the investigation into the conduct of CIBC World Markets in
March 2009. The alleged infractions occurred at the firm's head office
in Toronto and affected clients at its Halifax, Nova Scotia branch.
CIBC World Markets is an IIROC-regulated firm.
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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 and permanent bans or
terminations 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.
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.
SOURCE Investment Industry Regulatory Organization of Canada (IIROC) - General News
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