TORONTO, Dec. 8 /CNW/ - Notice is hereby given that an appearance will be held before a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC), on Wednesday January 6, 2010 at the offices of IIROC, Main Boardroom, located at 145 King Street West, 9th Floor, Toronto, Ontario, at 10 AM or as soon thereafter as the appearance can be held, to set the date for a disciplinary hearing in the matter of Deutsche Bank Securities Ltd. (the "Respondent").
The proposed hearing concerns matters for which the Respondent may be disciplined as an IIROC Dealer Member, pursuant to Part 10 of IIROC Dealer Member Rule 20.
The hearing concerns allegations that:
1. During the period between July 25 and August 13, 2007, the Respondent
failed to observe high standards of ethics and conduct in the
transaction of their business, and/or engaged in business conduct or
practice which is unbecoming or detrimental to the public interest
contrary to IDA By-law 29.1 in that it failed to act fairly, honestly
and/or in good faith to its clients by not disclosing the information
relating to US subprime and the liquidity risk in third-party asset-
backed commercial paper (ABCP) to all of its clients who had invested
or were interested in investing in third-party ABCP, while continuing
to sell third-party ABCP to its clients.
2. Between March and August 2007, the Respondent failed to ensure proper
regulatory compliance oversight of third-party ABCP, contrary to IDA
IIROC formally initiated the investigation into the Respondent's conduct on February 13, 2008. The alleged violation occurred when the Respondent was a member firm of the Investment Dealers Association (IDA). The Respondent is currently an IIROC dealer member.
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. The Notice of Hearing 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.
SOURCE Investment Industry Regulatory Organization of Canada (IIROC) - General News
For further information: For further information: Alex Popovic, Vice President, Enforcement, (416) 943-6904, firstname.lastname@example.org; Jeff Kehoe, Director, Enforcement Litigation, (416) 943-6996, email@example.com