TORONTO, April 26 /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 Thursday, May 13, 2010 at the IIROC office, located at 121 King Street West, Suite 1600, Toronto, Ontario, 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 20, the Hearing Panel should accept a Settlement Agreement entered into between Staff of IIROC and IPC Securities Corporation (the "Respondent").
The subject matter of the proposed Settlement Agreement concerns allegations that:
(a) Between January 2005 and June 2008, the Respondent failed to
establish and maintain adequate polices and procedures to ensure
that clients qualified as accredited investors in accordance with
the provisions of the Ontario Securities Act, R.S.O. 1990, c. S. 5
(as amended) before facilitating the purchase of securities offered
pursuant to prospectus exemptions, contrary to IDA By-law 29.27,
Regulation 1300.2 and Policy 2.
The IDA formally initiated the investigation into the Respondent's conduct on May 20, 2008. The Respondent is an IIROC-regulated firm.
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: Jeff Kehoe, Acting Vice President, Enforcement, (416) 943-6996, email@example.com