MONTRÉAL, April 5 /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, April 29, 2010, at 10:00 a.m. or as soon thereafter as the hearing can be heard, at 5 Place Ville-Marie, suite 1550, Montréal, Québec, in the Board Room, to consider whether, pursuant to section 20.36 of the IIROC Dealer Member Rule, the Hearing Panel should accept a Settlement Agreement entered into between IIROC Staff and Jean-Paul Karcz (the "Respondent").
The subject matter of the proposed Settlement Agreement concerns allegations that:
(a) During the period of December 12, 2007 to August 12, 2008,
inclusively, while registered for less than two years as a
representative (retail) with unrestricted practice in the employ of
Dundee Securities Corporation, an IIROC-regulated firm, the
Respondent executed 842 discretionary trades in the accounts of
eight (8) clients, without the accounts having been previously
approved as discretionary accounts, contrary to the provisions of
IIROC Rule 1300.4 and Standard C of the Conduct and Practices
IIROC formally initiated the investigation into the Respondent's conduct on December 10, 2008. The violations are alleged to have occurred while the Respondent was a Registered Representative at the St. Laurent Branch of Dundee Securities Corporation. The Respondent is still registered with the same dealer, at the same branch.
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: Carmen Crépin, Vice President, Québec, (514) 878-2854, email@example.com; Jeff Kehoe, Acting Vice President, Enforcement, (416) 943-6996, firstname.lastname@example.org