TORONTO, April 8 /CNW/ - A Hearing Panel of the Investment Industry Regulatory Organization of
Canada (IIROC) has approved a Settlement Agreement, with sanctions,
between IIROC staff and Beacon Securities Limited.
In the agreement, Beacon Securities admits to failing to comply with its best price
obligation, and failing to have adequate policies and procedures in
place to ensure compliance with that obligation, contrary to the
Universal Market Integrity Rules (UMIR).
Beacon Securities agrees to a $70,000 fine and to pay $5,000 in costs.
Specifically, Beacon admits 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
Failed to have adequate policies and procedures in place in order to
ensure reasonable efforts were made to execute orders at the best
price, contrary to UMIR 7.1.
The violations occurred from December 2008 until March 2010. IIROC began
its investigation into Beacon Securities' conduct in March 2010. Beacon
Securities Limited 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
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