TORONTO, July 18, 2017 /CNW/ - A hearing was originally scheduled before a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) in the matter of Graeme Robert Kirkland on July 24, 2017. The hearing was adjourned to August 28, 2017.
The hearing concerns allegations that Mr. Kirkland made recommendations that were not within the bounds of good business practice, and that he failed to consider and address a conflict of interest.
The hearing is open to the public, unless the Hearing Panel orders otherwise. The decision of the Hearing 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.
August 28, 2017, at 10:00 a.m.
IIROC – Ontario Room
121 King Street West, Suite 2000, Toronto, ON
Specifically, the allegations are that:
From January 2013 to February 2015, Mr. Kirkland:
a) Made recommendations and purchases for his clients' accounts that were not within the bounds of good business practice, contrary to IIROC Rule 1300.1(o); and
b) Failed to consider and to address the material conflict of interest between himself and his clients that resulted from these recommendations and purchases, contrary to IIROC Rules 42.1 and 42.2.
IIROC formally initiated the investigation into Mr. Kirkland's conduct in August 2015. The alleged violations occurred while he was a Registered Representative with a Toronto branch of BMO Nesbitt Burns Inc., an IIROC-regulated firm. Mr. Kirkland is currently a Registered Representative with Argosy Securities Inc., an IIROC-regulated firm.
The Notice of Hearing and Statement of Allegations which sets out the allegations is available at: http://www.iiroc.ca/Documents/2016/681899cc-35e3-47b0-bf39-97fd318fc8ab_en.pdf#search=kirkland
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IIROC is the national self-regulatory organization which oversees all investment dealers and their trading activity in Canada's debt and equity markets. IIROC sets high quality regulatory and investment industry standards, protects investors and strengthens market integrity while supporting healthy Canadian 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
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