IN THE MATTER OF Julian Edward Pope - Discipline decision - Liability and Penalty
TORONTO, March 19, 2012 /CNW/ - Following a disciplinary hearing on May 25 and October 27, 2011, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) has found that Julian Edward Pope contravened IDA By-law 29.3A (now IIROC Rule 29.3A) and IDA Policy 5, Section 4.1 (now IIROC Rule 2800).
The panel's written decision dated December 19, 2011and its Supplementary Decision dated February 13, 2012 are available at
Specifically, the panel found that Mr. Pope committed the following violations:
|(a)||On April 4, 2008 he participated in a bond offering by purchasing bonds into his firm's inventory account, through a client, thereby failing to give priority to other client orders for the same bond offering, contrary to IDA By-law 29.3A.; and|
|(b)||On April 4, 2008 and in the connection with the bond offering, he failed to act fairly, honestly and in good faith when executing and administering trades in the Domestic Debt Market by entering into an arrangement with a client whereby the client agreed to purchase bonds of the upcoming offering on behalf of the Respondent's inventory account, contrary to IDA Policy 5, section 4.1.|
The Hearing Panel imposed the following penalty on Mr. Pope:
|(a)||a fine in the sum of $25,000 for his contravention of IDA By-law 29.3 A (now IIROC Rule 29.3A);|
|(b)||a fine in the sum of $25,000 for his contravention of IDA Policy 5 section 4.1; and|
|(c)||a requirement that Mr. Pope re-write the Conduct & Practices Handbook Course (CPH) and the Trader Training Course (TTC) by April 20, 2012.|
Mr. Pope is also required to pay costs in the amount of $15,000.
IIROC formally initiated the investigation into Mr. Pope's conduct in September 2008. The violations occurred when he was a Registered Representative with the Toronto branch of HSBC (Canada) Inc., an IIROC regulated firm. Mr. Pope is currently registered with Desjardins Securities Inc., an IIROC regulated firm.
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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.
For further information:
Vice President, Enforcement
Director, Public Affairs