MONTRÉAL, July 23, 2013 /CNW/ - On July 8, 2013, a Hearing Panel of the
Investment Industry Regulatory Organization of Canada (IIROC) accepted
a Settlement Agreement, with sanctions, between IIROC staff and
Interactive Brokers Canada Inc.
Interactive Brokers Canada Inc. admitted that between November 2007 and
April 2008, it failed to comply with its trading supervision
Specifically, Interactive Brokers Canada Inc. admitted to the following
(a) Between November 2007 and April 2008, it failed to comply with its
trading supervision obligations contrary to UMIR 7.1 and Policy 7.1.
Pursuant to the Settlement Agreement, Interactive Brokers Canada Inc.
agreed to the following penalty:
(a) A fine of $50,000.
Interactive Brokers Canada Inc. also agreed to pay IIROC costs in the
amount of $10,000.
The Settlement Agreement is available at: http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=DC3566C142AA4DB0BF7C96A13994739F&Language=en and 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 Interactive Brokers
Canada Inc.'s conduct in November 2010. The violations occurred when
Interactive Brokers Canada Inc. was an IIROC-regulated firm.
Interactive Brokers Canada Inc. is still an IIROC-regulated firm.
* * *
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:
Vice President, Québec
Senior Media and Public Affairs Specialist