TORONTO, Sept. 29, 2016 /CNW/ - On September 20, 2016, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) accepted a Settlement Agreement, with sanctions, between IIROC staff and Linda Kennedy.
Ms. Kennedy admitted to conduct involving the supervision of Registered Representative Alistair Melville's activities.
Specifically, Ms. Kennedy admitted to the following violation:
From September 2010 to December 2012, Ms. Kennedy failed to adequately supervise the account activity in an external account held by Registered Representative Alistair Melville at another Dealer Member firm, contrary to IIROC Dealer Member Rules 38.4 (a) and 2500.
Pursuant to the Settlement Agreement, Ms. Kennedy agreed to the following penalty:
Payment of a fine in the amount of $25,000.
Ms. Kennedy also agreed to pay costs in the amount of $1,000.
The Settlement Agreement is available at: http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=43D5FDA143F140FF8571D59CEEA4EF98&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 Ms. Kennedy's conduct in May 2013. The conduct occurred while she was a Branch Manager with the Hamilton branch of Assante Capital Management Ltd. (Assante), an IIROC-regulated firm. Ms. Kennedy continues to be registered in the same capacity at Assante.
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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 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
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