In the matter of BMO Nesbitt Burns Inc. - Settlement



    TORONTO, Sept. 25 /CNW/ - Notice is hereby given that a hearing will be
held before a Hearing Panel of the Investment Industry Regulatory Organization
of Canada (IIROC) on Friday, October 10, 2008 at IIROC Boardroom 2, located at
121 King Street West, Toronto, Ontario, M5H 3T9 at 10:00 a.m. or as soon
thereafter as the hearing can be held, to consider whether, pursuant to
section 20.36 of IIROC Dealer Member Rule, the Hearing Panel should accept a
Settlement Agreement entered into between Staff of IIROC and BMO Nesbitt Burns
Inc.(the "Respondent").

    
    The subject matter of the proposed Settlement Agreement concerns
allegations that:

    (a) In or about March 2003 to May 2005, BMO participated in the
        production of sales literature that failed to fairly present the
        potential risks of Univest II to the client, contrary to IDA By-laws
        29.7 (e), and 29.7 (1)(e); and

    (b) In or about March 2003 to July 2004, BMO issued and/or used sales
        literature that was not first approved by a partner, director,
        officer or branch manager who was designated in writing by the
        Member, contrary to IDA By-law 29.7; and

    (c) In or about August 2004 to May 2005, BMO failed to develop
        appropriate written policies and procedures for the review and
        supervision of sales literature, contrary to IDA By-law 29.7(2)
        and/or (3).
    

    The IDA initiated the investigation in relation to the allegations on or
about April 2006.
    The hearing is not open to the public unless and until the Settlement
Agreement has been accepted by the Hearing Panel. If the Hearing Panel accepts
the Settlement Agreement, the Hearing Panel's decision and reasons will be
made available to the public.

    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 or apopovic@iiroc.ca; Jeff Kehoe, Director, Enforcement, (416)
943-6996 or jkehoe@iiroc.ca


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890