Enforcement Notice - IN THE MATTER OF Marc McQuillen - Review Decision

TORONTO, Sept. 17, 2014 /CNW/ - The Ontario Securities Commission (the "OSC") has released its Reasons and Decision in the matter of Marc McQuillen.

The OSC ordered that:

(a)        

The settlement approval decision by Market Regulation Services Inc. (RS) (one of the organizations that predated IIROC's creation in 2008) dated February 28, 2007 (the "Settlement Approval") is set aside and the Settlement Agreement between McQuillen and RS dated February 8, 2007 (the "Settlement Agreement") is vacated;

(b)        

IIROC shall expunge McQuillen's disciplinary record as a result of the Settlement Agreement, or if that is not practicable, IIROC shall include a prominent statement to that effect in conjunction with any future reference by IIROC to the Settlement Agreement or to McQuillen having breached UMIR;

(c)        

IIROC shall repay $25,000 to McQuillen; and

(d)        

Any party may apply to the Commission for directions as to the interpretation or application of this order.

 

In its Settlement Approval, RS had found that McQuillen breached Universal Market Integrity Rules (UMIR) 6.4 and 7.7(5).  As a result of the IIROC decision dated January 14, 2013 in the Re David Berry matter, McQuillen brought an application for a hearing and review of the original Feb. 28, 2007 Settlement Approval.

In its reasons, the OSC acknowledged that the Commission will re-open a settlement only in unique and the rarest of circumstances and that in the circumstances of this case there would be manifest unfairness to McQuillen if the Settlement Agreement were permitted to stand.

The OSC decision dated September 12, 2014 is available at: http://www.osc.gov.on.ca/en/Proceedings_rad_20140912_universal-market-integrity-rules-marc-mcquillen.htm

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.

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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

For further information: Enforcement Contact: Elsa Renzella, Vice President, Enforcement, 416 943-5877, erenzella@iiroc.ca; Media Contact: Karen Archer, Senior Media and Public Affairs Specialist, 416 865-3046, karcher@iiroc.ca

RELATED LINKS
http://www.iiroc.ca

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