TORONTO, Aug. 19, 2015 /CNW/ - An appearance to set a date for the disciplinary hearing in the matter of Kim Husebye was held before a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) on July 23, 2015. The disciplinary hearing has been scheduled for January 11-13 and January 15, 2016.
The discipline hearing concerns allegations that Mr. Husebye made investment recommendations to several clients that were unsuitable for these clients based on their risk tolerance and investment objectives.
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.
January 11-13 and January 15, 2016 at 10:00 a.m.
IIROC British Columbia Room
121 King St. W
Specifically, the allegations are that:
Between November 2009 and December 2010, Mr. Husebye failed to use due diligence to ensure that investment recommendations were suitable for his clients, contrary to IIROC Dealer Member Rule 1300.1(q).
IIROC formally initiated the investigation into Mr. Husebye's conduct in August 2012. The alleged violations occurred while he was a Registered Representative with the Oakville, Ontario branch of Lakeshore Securities Inc., an IIROC-regulated firm. Mr. Husebye is no longer a registrant with an IIROC-regulated firm.
The Notice of Hearing which sets out the allegations is available at: http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=992DE62E8BA6452A9D5C57DB4D726A38&Language=en.
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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.
SOURCE Investment Industry Regulatory Organization of Canada (IIROC) - General News
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