TORONTO, Sept. 21, 2016 /CNW/ - A hearing has been scheduled before a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) in the matter of Jayanth Noronha.
The hearing concerns allegations that Mr. Noronha engaged in off-book transactions, accepted remuneration from issuers, failed to disclose a conflict of interest, and deleted email records.
The hearing is open to the public, unless the 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.
Hearing Date: November 28 and 29, 2016 at 10:00 a.m.
Location: IIROC Office, Ontario Room, 121 King Street West, Suite 2000, Toronto, Ontario
Specifically, the allegations are that:
(a) Between January 2011 and September 2013, Mr. Noronha engaged in business conduct or practice unbecoming or detrimental to the public interest when he recommended and facilitated investments for his clients in shares of two issuers, which were conducted off the books and records and without the consent of his Dealer Member Firms, contrary to Dealer Member Rule 29.1;
(b) Between January 2011 and September 2013, Mr. Noronha, directly and indirectly through his spouse, accepted remuneration and/or consideration from persons other than his Dealer Member Firms, in regards to securities-related activities, contrary to IIROC Dealer Member Rule 18.15;
(c) Between January 2011 and September 2013, Mr. Noronha failed to disclose to his Dealer Member Firms and to his clients, and failed to address, a conflict of interest, contrary to IIROC Dealer Member Rule 42; and
(d) In October 2013, Mr. Noronha engaged in business conduct or practice unbecoming or detrimental to the public interest when he deleted email records, contrary to IIROC Dealer Member Rule 29.1.
IIROC formally initiated the investigation into Mr. Noronha's conduct in November 2013. The alleged violations occurred while he was a Portfolio Manager with Toronto branches of Dundee Securities Ltd. and Raymond James, both IIROC-regulated firms. Mr. Noronha is no longer a registrant with an IIROC-regulated firm.
The Notice of Hearing which sets out the allegations is available at: http://www.iiroc.ca/Documents/2016/bceacdf6-779b-4fd9-93c3-80bd3ec054e2_en.pdf.
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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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