TORONTO, March 9 /CNW/ - The Investment Dealers Association of Canada
(IDA) announced today that a Hearing Panel has dismissed a motion brought by
Mr. Frank Youden, at all material times an Approved Person at the Halifax,
Nova Scotia branch of RBC Dominion Securities, an IDA Member firm.
On February 5, 2007, the Panel dismissed Mr. Youden's motion to recuse
the Chair of the Panel and to strike the Panel. The motion had alleged that
there was a reasonable apprehension of bias on the part of the Chair of the
Panel and that the Panel's decision on the merits released in January 2006
ought to be struck.
The Panel found that there was no reasonable apprehension of bias
requiring the Chair to recuse himself and that Mr. Youden had received a fair
hearing. The Chair of the Panel's limited, past involvement with Mr. Youden's
employer was not sufficient for a reasonably informed person to reasonably
perceive bias on the part of the Chair. The Hearing Panel's reasons for
decision are available on the IDA's website.
Mr. Youden has filed an appeal of this decision to an Appeal Panel.
The Investment Dealers Association of Canada (IDA) is the national
self-regulatory organization of the securities industry. The IDA's mission is
to protect investors, foster market integrity and enhance the efficiency and
competitiveness of the Canadian capital markets. The IDA enforces rules and
regulations regarding the sales, business and financial practices of its
member firms and their approved persons. Investigating complaints and
disciplining Members and approved persons is part of the IDA's regulatory
For further information:
For further information: Alex Popovic, Vice President, Enforcement,
(416) 943-6904 or firstname.lastname@example.org; Jeff Kehoe, Director, Enforcement
Litigation, (416) 943-6996 or email@example.com