TORONTO, Aug. 6 /CNW/ - The Investment Industry Regulatory Organization of Canada (IIROC) and Magna Partners Ltd. have an agreed statement of allegations in which Magna Partners admitted to two violations of best price obligation rules.
IIROC and Magna partners have not agreed on an appropriate penalty. A hearing has been scheduled before an IIROC Hearing Panel to set a date to determine the penalty.
The set date hearing is open to the public, unless the panel orders otherwise. The date for the penalty hearing will be published when it becomes available.
Set Date Hearing: 9:30 am, August 16, 2010
Location: Boardroom 1 at IIROC's offices
121 King Street West, Suite 1600, Toronto
Specifically, the agreed-to allegations are that between October 2008 and June 2010, while operating as an IIROC-regulated firm, Magna:
(a) failed to make reasonable efforts to ensure that orders were
executed at the best price, contrary to Universal Market Integrity
(b) failed to have adequate policies and procedures in place in order to
ensure reasonable efforts were made to execute orders at the best
price, contrary to UMIR 7.1.
IIROC began investigating the conduct of Magna Partners on July 13, 2009. Magna Partners Ltd. is currently 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, firstname.lastname@example.org