Enforcement Notice - IN THE MATTER OF John Phillip Watts and Sean Thomas Hickey - Settlement Hearing

TORONTO, April 7, 2016 /CNW/ - A hearing has been scheduled before a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) to consider whether the panel should accept a Settlement Agreement entered into between IIROC staff and John Phillip Watts.

The Agreement concerns conduct involving Mr. Watts' failure to use due diligence to ensure that recommendations were suitable for clients, and his engagement in unauthorized trading.

The hearing is not open to the public, but will become open in the event that the panel accepts the agreement. If the agreement is accepted, the Panel's decision and the Settlement Agreement 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:

April 13, 2016 at 10:00 a.m.


The Hotel on Pownal – The Pownal Meeting Room  

146 Pownal Street

Charlottetown, PEI

IIROC formally initiated the investigation into Mr. Watts' and Mr. Hickey's conduct in March 2012. The conduct occurred when they were Registered Representatives with the Charlottetown branch of Wellington West Capital Inc., now National Bank Financial Ltd., an IIROC-regulated firm. Mr. Watts and Mr. Hickey are currently registered with National Bank Financial Ltd.; however Mr. Watts has been on medical leave since November 2011.

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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 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: Enforcement Contact: Elsa Renzella, Vice-President, Enforcement, 416 943-5877, erenzella@iiroc.ca; Media Contact: Karen Archer, Manager, Media Relations, 416 865-3046, karcher@iiroc.ca


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