Enforcement Notice Decision - IN THE MATTER OF Edward Jones - Settlement Accepted

TORONTO, Nov. 10, 2016 /CNW/ - On October 28, 2016, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) accepted a Settlement Agreement, with sanctions, between IIROC staff and Edward Jones.

Edward Jones admitted to insufficient retail account supervision, contrary to IIROC Dealer Member Rules 38.1 and 2500.

Specifically, Edward Jones admitted to the following violation:


(a) 

From 2008 to March 2013, Edward Jones did not meet the minimum standards for retail account supervision in five cases, and client accounts and activities of its Registered Representatives were not sufficiently supervised, contrary to IIROC Dealer Member Rules 38.1 and 2500.



Pursuant to the Settlement Agreement, Edward Jones agreed to the following penalty:


(a) 

A fine of $250,000.



Edward Jones also agreed to pay costs in the amount of $50,000.

 

The Settlement Agreement is available at: http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=384F2A79B2194F5F8009A49E0021DB19&Language=en

The Hearing Panel's decision 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.

IIROC formally initiated the investigation into Edward Jones' conduct in October 2012.  Edward Jones is an IIROC-regulated firm.

*  *  *

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

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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