IIROC announces disciplinary hearing for BMO Nesbitt Burns Inc.

TORONTO, Aug. 6 /CNW/ - A hearing has been scheduled before a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) to consider whether the panel should accept a settlement agreement between IIROC staff and BMO Nesbitt Burns Inc.

The agreement concerns an allegation that BMO Nesbitt Burns violated market integrity rules on best price obligation.

The hearing will not be open to the public, but will become open in the event the panel accepts the agreement. If the agreement is accepted, the panel's decision and reasons will be made available at www.iiroc.ca.

    
    Hearing Date:   10 am, August 16, 2010

    Location:       Hearing Room 1 of the IIROC offices
                    121 King Street West, Suite 1600, Toronto
    

Specifically, the allegation in the agreement is that BMO Nesbitt Burns breached Universal Market Integrity Rule (UMIR) 5.2 and UMIR Policy 5.2 when it failed to make reasonable efforts to connect to the Omega ATS protected marketplace.

IIROC began its investigation into the firm's conduct on September 30, 2009. BMO Nesbitt Burns is 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.

SOURCE Investment Industry Regulatory Organization of Canada (IIROC) - General News

For further information: For further information: Jeff Kehoe, Vice President, Enforcement, 416.943.6996, jkehoe@iiroc.ca


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