TORONTO, June 7 /CNW/ - A hearing has been scheduled before a Hearing Panel of the Investment Industry Regulatory Organization of Canada to hear evidence in the matter of Patrick Cooney and Jory Capital Inc.
The matter concerns allegations Mr. Cooney, chief executive and sole director of Jory, failed to take measures to ensure Jory met compliance standards with regard to the maintenance and monitoring of regulatory capital and the reliability of financial reporting. It is also alleged that by failing to ensure Jory met various required standards on supervision, Mr. Cooney breached additional IIROC Dealer Member Rules as well as Universal Market Integrity Rules (UMIR).
The hearing is open to the public unless the Hearing Panel orders otherwise. The Notice of Hearing is available at IIROC's website. The Hearing Panel's decision and reasons will be made public when available.
Hearing Date: 10 am, November 2, 2010
Location: Strathcona Room, Hotel Delta, 350 St. Mary Ave.,
Specifically, the allegations include the following:
- Mr. Cooney failed to ensure that Jory design, establish, oversee and
implement an effective financial compliance program to ensure proper
compliance with regulatory requirements regarding maintenance of
adequate risk adjusted capital (RAC), monitoring of regulatory capital
and reliability of financial reporting, contrary to Rules 29 and 2600.
- Jory failed to maintain its RAC greater than zero on January 24, 2008,
during the months of June to October 2009 and again on April 14, 2010,
all contrary to Rule 17.1.
- Mr. Cooney failed to ensure that Jory establish, maintain, and enforce
a supervisory system, contrary to Rule 38; and failed to ensure that
Jory develop and implement a trade supervision policy, as required by
- Mr. Cooney engaged in conduct unbecoming his positions by failing to
ensure that Jory fulfill representations provided to IIROC, contrary
to Rule 29.1
IIROC formally initiated the investigation into Mr. Cooney's and Jory's conduct on September 28, 2009. The alleged violations occurred between 2005 and 2009 when Mr. Cooney was an Approved Person employed at the Winnipeg office of Jory, an IIROC-regulated firm. Mr. Cooney continues to be registered in the same capacity at the same office.
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: Warren Funt, Vice President - Western Canada, (604) 331-4750, firstname.lastname@example.org; Jeff Kehoe, Acting Vice President, Enforcement, (416) 943-6996, email@example.com