TORONTO, June 1, 2012 /CNW/ - A hearing was originally scheduled before
a Hearing Panel of the Investment Industry Regulatory Organization of
Canada (IIROC) in the matter of David Berry for June 13, 2012. The
hearing was adjourned to September 24, 2012.
The hearing concerns allegations Mr. Berry solicited client orders
during the distribution of new issues by Scotia Capital, contrary to
UMIR 7.7(5) (as it existed prior to May 2005), and conducted
off-marketplace trades that were not printed on a marketplace or
recognized exchange as required by UMIR 6.4.
The hearing is open to the public, unless the Hearing Panel orders
otherwise. The decision of the panel 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.
10:00 a.m., September 24, 25, 27, 28, October 1- 5, and 9, 2012
JPR Meeting Rooms
390 Bay Street - 3rd Floor
Hearing Room C
Specifically the allegations are:
Between June 3, 2004 and April 18, 2005, Mr. Berry solicited client
orders during the distribution period for new issue securities which
resulted in Scotia Capital contravening UMIR 7.7(5) (pre-May 2005
version) on 11 occasions, for which he is liable pursuant to UMIR
Between June 3, 2004 and April 18, 2005, Mr. Berry conducted trades that
were not printed on a marketplace or recognized exchange, which
resulted in Scotia Capital contravening UMIR 6.4 on 10 occasions, for
which he is liable pursuant to UMIR 10.3(4).
IIROC formally initiated the investigation into the Mr. Berry's conduct
in June 2005. The alleged violations occurred when he was a Registered
Representative with Scotia Capital Inc., an IIROC-regulated firm. Mr.
Berry is no longer a registrant with an IIROC-regulated firm.
The Notice of Hearing which sets out the allegations is available at
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
Director, Public Affairs