VANCOUVER, Jan. 9 /CNW/ - A Hearing Panel of the Investment Dealers
Association of Canada (IDA) appointed pursuant to By-law 20 has found Golden
Capital Securities Ltd. (Golden), an IDA Member firm, guilty of violating
By-law 19.6 and/or 29.1.
The Hearing Panel found that, since November 2006, Golden refused and/or
failed to provide IDA staff with access to mirrored hard drives for three of
its employees which were reasonably required by IDA staff for the purpose of
an ongoing investigation.
The Hearing Panel ordered a penalty hearing, which was held on December
20, 2007. The Panel also indicated that it would make an order to give IDA
staff access to the mirrored hard drives by a method that would maintain
solicitor and client confidentiality.
The IDA commenced an investigation into Golden's supervision of the
handling of certain accounts after it received information from the British
Columbia Securities Commission suggesting that three Golden employees had
contravened the Know Your Client rules.
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
role. It is IDA policy to ensure that where relevant, referrals to the
appropriate policing authority are made.
For further information:
For further information: Warren Funt, Vice-President, Western Canada,
(604) 331-4750, firstname.lastname@example.org; Jeff Kehoe, Director, Enforcement Litigation,
(416) 943-6996, email@example.com