IN THE MATTER OF Darcy Alan Higgs - Discipline



    VANCOUVER, June 23 /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 Wednesday, April 14, 2010, at UBC Robson Square, located
at 800 Robson Street, Vancouver, BC, at 10:00 a.m. or as soon thereafter as
possible, to hear evidence and submissions in the matter of Darcy Alan Higgs
(the Respondent).
    The hearing concerns matters for which the Respondent may be disciplined
as an Approved Person of IIROC, pursuant to Part 10 of IIROC Dealer Member
Rule 20. The hearing concerns allegations that:

    
    (a) Between 2003 and 2005, the Respondent, at all material times a
        Registered Representative (RR) at Haywood Securities Inc. (Haywood),
        a Member Firm, failed to properly perform his role as gatekeeper to
        the capital markets and acted contrary to Rule 29.1 (then By-law
        29.1) and/or Rule 1300.1(a) (then Regulation 1300.1(a)) by
        facilitating transactions in client accounts without making diligent
        inquiries to ensure the legitimacy of the transactions in
        circumstances which should have called the transactional activity
        into question because it was peculiar, suspicious, or appeared to be
        consistent with market manipulation, deception, or other improper
        market-related activity;

    (b) Between 2003 and 2005, the Respondent, at all material times an RR at
        Haywood, a Member Firm, effected trades in the accounts of clients
        based on the instructions of a third party without the existence of a
        duly executed trading authorization, contrary to Rule 200.1(i)(3)
        (then Regulation 200.1(i)(3));

    (c) Between 2003 and 2005, the Respondent, at all material times an RR at
        Haywood, a Member Firm, was involved in personal business
        transactions which he did not disclose to his firm, contrary to
        Rule 29.1 (then Regulation 29.1); and

    (d) Between 2003 and 2005, the Respondent, at all material times an RR at
        Haywood, a Member Firm, failed to properly perform his role as
        gatekeeper to the capital markets and acted contrary to Rule 29.1
        (then By-law 29.1) and/or Rule 1300.1(a) (then Regulation 1300.1(a))
        by failing to make diligent inquiries into the beneficial ownership
        of certain client accounts or the beneficial ownership of securities
        held in these accounts in circumstances which should have called the
        beneficial ownership into question.
    

    IIROC formally initiated the investigation into the Respondent's conduct
on June 15, 2005. The alleged violations occurred when the Respondent was a RR
with the 400 Burrard Street Branch of Haywood. The Respondent is no longer
registered in any capacity with an IIROC-regulated firm.
    The Notice of Hearing is available at www.iiroc.ca.
    The hearing is open to the public, unless the Hearing Panel orders
otherwise. 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: Warren Funt, Vice President, (604) 331-4750,
wfunt@iiroc.ca; Western Canada, Jeff Kehoe, Director, Enforcement, (416)
943-6996, jkehoe@iiroc.ca


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