IIROC announces disciplinary hearing for CIBC World Markets

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.

Hearing Date:      June 8, 2011, 10:00 a.m.
       
Location:  





JPR Meeting rooms
390 Bay Street - 4th floor, Hearing Room A
Toronto, ON

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.

* * *

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

For further information:

Jeff Kehoe
Vice President, Enforcement
416.943.6996
jkehoe@iiroc.ca
          Elsa Renzella
Director, Enforcement Litigation
416.943.5877
erenzella@iiroc.ca

 


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