VANCOUVER, Feb. 4 /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 Tuesday, February 9, 2010, at Reportex Agencies Ltd., located at 925 West Georgia Street, Vancouver, BC, at 10:00 a.m. or as soon thereafter as the hearing can be held, to consider whether, under Section 20.36 of IIROC Dealer Member Rule 20, the Hearing Panel should accept a Settlement Agreement entered into between Staff of IIROC and Darcy Alan Higgs (the Respondent).
The subject matter of the proposed Settlement Agreement concerns allegations that:
(a) Between 2003 and 2005, the Respondent, at all materials 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 1300.1(a) (then
Regulation 1300.1(a)) by failing to use due diligence to learn and
remain informed of the essential facts relative to the transactions
of a particular issuer in a group of client accounts;
(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)).
IIROC formally initiated the investigation into the Respondent's conduct in May 2005. The alleged violations occurred when the Respondent was an RR with the 400 Burrard Street Branch of Haywood. The Respondent is no longer registered in any capacity with an IIROC Dealer Member.
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.
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, email@example.com; Jeff Kehoe, Director, Enforcement, (416) 943-6996, firstname.lastname@example.org