IN THE MATTER OF James Alexander Percival - Settlement



    WINNIPEG, Sept. 26 /CNW/ - On September 16, 2008, a Hearing Panel of the
Investment Dealer's Association of Canada (IDA) accepted a Settlement
Agreement between IDA Staff and James Alexander Percival (the Respondent).
Pursuant to the Settlement Agreement, the Respondent acknowledged that:

    
    (a) In or about January 2006 to July 2006, the Respondent, at all
        material times a Registered Options Representative with National Bank
        Financial Ltd., failed to observe high standards of ethics and/or
        conduct in the transaction of his business, and/or engaged in
        business conduct or practice that was unbecoming contrary to
        Association By-law 29.1, by sharing a financial interest in an
        account with a client;

    (b) In or about January 2006 to July 2006, the Respondent, at all
        material times a Registered Options Representative with National Bank
        Financial Ltd., failed to observe high standards of ethics and/or
        conduct in the transaction of his business and/or engaged in business
        conduct that was unbecoming contrary to Association By-law 29.1, by
        failing to disclose his financial interest in a client account to
        National Financial bank and/or by asking the client not to disclose
        his financial interest in the client account; and

    (c) In or about January 2006 to July 2006, the Respondent, at all
        material times a Registered Options Representative with National Bank
        Financial Ltd., failed to observe high standards of ethics and/or
        conduct in the transaction of his business, and/or engaged in
        business conduct or practice that was unbecoming contrary to
        Association By-law 29.1, by entering into an agreement to compensate
        a client for account losses.

    Pursuant to the Settlement Agreement, the Hearing Panel imposed the
following penalty against the Respondent:

    (a) Permanent prohibition from approval in any registration capacity with
        the Association.
    

    The IDA formally initiated the investigation into the Respondent's
conduct on November 7, 2006. The violations occurred when the Respondent was a
Registered Representative with the Winnipeg, Manitoba Branch of National Bank
Financial Ltd. The Respondent is no longer employed in the industry in a
registered capacity.
    The Hearing Panel issued its Reasons and Decision verbally on
September 16, 2008. The Settlement Agreement and the Hearing Panel's Decision
and Reasons will be available in the near future.

    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, Western Canada,
(604) 331-4750 or wfunt@iiroc.ca; Jeff Kehoe, Director, Enforcement
Litigation, (416) 943-6996, jkehoe@iiroc.ca


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