IN THE MATTER OF Acadian Securities Inc. - Settlement



    HALIFAX, Jan. 28 /CNW/ - On January 16, 2009, in Halifax, Nova Scotia, a
Hearing Panel of the Investment Industry Regulatory Organization of Canada
(IIROC) accepted a Settlement Agreement between IIROC Staff and Acadian
Securities Inc. (the "Respondent"). Pursuant to the Settlement Agreement, the
Respondent admitted that:

    
    (a)    From April 21, 1996, the Respondent failed to implement proper
           controls to ensure complete identification of any related or
           connected issuers and written monitoring of outside business
           activities of certain registered representatives, officers and
           directors, in compliance with IIROC Rules 29.1, 17.2, 17.2A and
           Regulation 200.1.

    Pursuant to the Settlement Agreement, the Hearing Panel imposed the
following penalty against the Respondent:

    (a)    The Respondent has engaged a Consultant, acceptable to IIROC, to
           review and evaluate the Respondent's policies and procedures and
           make recommendations to the Board of the Respondent. The
           Consultant has made a report to the Respondent and IIROC on
           the findings and the recommendations made to the Respondent's
           Board;

    (b)    The Respondent will pay a global fine in the amount of the
           $100,000; and

    (c)    The Respondent shall pay the full costs of engaging the
           Consultant, as described above in (a).
    

    IIROC formally initiated the investigation into the Respondent's conduct
on or about August 29, 2007. The violations occurred when the Respondent was a
Member of the IDA. The Respondent is currently a Dealer Member of IIROC.
    The Hearing Panel's Reasons and Decision will be available in due course.
The Settlement Agreement is available at www.iiroc.ca.

    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.




For further information:

For further information: Alex Popovic, Vice-President, Enforcement,
(416) 943-6904, apopovic@iiroc.ca; Jeff Kehoe, Director, Enforcement, (416)
943-6996, jkehoe@iiroc.ca


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