IIROC announces settlement for Maison Placements Canada Inc.

TORONTO, April 13 /CNW/ - A Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) has accepted a settlement agreement, with sanctions, between IIROC staff and Maison Placements Canada Inc.

With this agreement, Maison Placements has admitted that it failed to comply with its best price obligation, and did not adopt policies and procedures to ensure compliance with this obligation, contrary to the Universal Market Integrity Rules (UMIR).

Maison Placements has agreed to a $95,000 fine and to pay $5,000 in costs.

Specifically, Maison Placements agreed that it failed to:

  • Make reasonable efforts to ensure that orders were executed at the best price, contrary to UMIR 5.2 and UMIR Policy 5.2; and
  • Have adequate policies and procedures in place to ensure reasonable efforts were made to execute orders at the best price, contrary to UMIR 7.1 and UMIR Policy 7.1.

The violations occurred between December 2008 and January 2011. IIROC began its investigation into Maison Placements' conduct in October 2010. Maison Placements Canada Inc. is currently 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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