VANCOUVER, May 28 /CNW/ - Notice is hereby given that a settlement hearing will be held before a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC), on Wednesday, June 2, 2010 at Reportex Agencies Ltd., located at 925 West Georgia Street, Suite 1010, Vancouver, BC, at 2:00 p.m., to consider whether under section 20.36 of IIROC Dealer Member Rule, the Hearing Panel should accept Settlement Agreements entered into between IIROC Staff and John Anastasious Collias and Karen Marie Young (the Respondents).
The set date hearing scheduled for Tuesday, May 25, 2010 was cancelled by consent of the parties.
The proposed Settlement Agreements concern allegations that from February 26, 2007 to August 14, 2007, while employed as Registered Representatives (RRs) by Gateway Securities Inc. (Gateway), a Member firm, the Respondents failed to adequately perform their role as gatekeepers to the capital markets by accepting trading instructions for a client account without exercising the standard of care expected of registrants to satisfy themselves of the legitimacy of the trading activity in circumstances which should have called the trading activity into question, contrary to Dealer Member Rule 29.1.
IIROC formally initiated the investigation into Mr. Collias' conduct on September 6, 2007, and the investigation into Ms. Young's conduct on January 10, 2008. The alleged violations occurred when the Respondents were RRs with the 1177 West Hastings Street, Vancouver offices of Gateway. The Respondents are no longer registered in any capacity with an IIROC-regulated firm.
The hearing is not open to the public unless and until the Settlement Agreements have been accepted by the Hearing Panel. If the Hearing Panel accepts the Settlement Agreements, 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, email@example.com; Jeff Kehoe, Acting Vice President, Enforcement, (416) 943-6996, firstname.lastname@example.org