TORONTO, Jan. 14 /CNW/ - A Hearing Panel of the Investment Dealers
Association of Canada (IDA) appointed pursuant to By-law 20 has imposed
discipline penalties on Peregrine Financial Group Canada Inc. (Peregrine), a
Member of the IDA.
Following a settlement hearing, the Hearing Panel considered, reviewed
and accepted a Settlement Agreement negotiated between staff of the IDA and
Peregrine. Pursuant to the Agreement, Peregrine admitted to being capital
deficient from December 2005 to March 2006, contrary to By-law 17.1.
Upon notification of the capital deficiency, Peregrine took immediate
steps to rectify the deficiency and no client accounts or client funds were
put at risk. Peregrine was also charged with a one-time risk adjusted premium
by the Canadian Investor Protection Fund (CIPF).
For its misconduct, Peregrine has been fined $40,000, inclusive of costs.
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: 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