TORONTO, May 17 /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 Friday, May 21, 2010, at IIROC's offices 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 Part 3.4 of Policy 10.8 of the Universal Market Integrity Rules, the Hearing Panel should accept a Settlement Agreement entered into between IIROC Staff and James Martin MacMenamin (the Respondent).
The subject matter of the proposed Settlement Agreement concerns allegations that:
(a) On April 25, 2008, while a Trader employed by Jones, Gable &
Company Limited (Jones, Gable), the Respondent entered an order on
behalf of a proprietary inventory account that he knew or ought to
have known would create or could reasonably be expected to create an
artificial closing bid price for the shares, contrary to UMIR 2.2(2)
(b) and UMIR Policy 2.2, for which he is liable under UMIR 10.4(1);
(b) Between November 19 and December 9, 2008, while a Trader employed by
Jones, Gable, the Respondent entered orders on behalf of a
proprietary inventory account that he knew or ought to have known he
did not intend to execute, contrary to UMIR 2.2(2)(a) and UMIR
Policy 2.2, for which he is liable under UMIR 10.4(1).
IIROC formally initiated the investigation into the Respondent's conduct on June 3, 2009. The violations occurred when the Respondent was a Trader with the Toronto office of Jones, Gable. The Respondent is no longer a registrant with 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: Warren Funt, Vice President, Western Canada, (604) 331-4750, firstname.lastname@example.org; Jeff Kehoe, Acting Vice President, Enforcement, (416) 943-6996, email@example.com