IN THE MATTER OF Kianosh Rahmani - Leave to Appeal Dismissed

VANCOUVER, March 12 /CNW/ - On December 9, 2009, the British Columbia Court of Appeal (BCCA) heard an application by the Investment Industry Regulatory Organization of Canada (IIROC) for leave to appeal the May 26, 2009, decision of the British Columbia Securities Commission (BCSC) in the matter of Kianosh Rahmani.

The BCCA released its decision on February 24, 2010. It dismissed IIROC's application for leave to appeal the decision of the BCSC.

The BCSC decision set aside the permanent ban that the August 9, 2004, decision of a Hearing Panel of the Investment Dealers Association of Canada (IDA) imposed on Mr. Rahmani for having failed, as required, to disclose to IDA Registration an outstanding criminal charge.

The IDA Panel found that Kianosh Rahmani breached two bylaws when he failed to disclose that he was subject to a criminal charge on registration renewal and application forms. The IDA Panel ordered that he be permanently prohibited from approval to act in any registered capacity with any IDA member. He was also fined $15,000 and ordered to pay costs of $15,000.

Mr. Rahmani did not dispute the IDA Panel decision with respect to liability or the fines and costs. Accordingly, these remain in place. Instead, he asked a BCSC Panel to substitute for the permanent ban a suspension of no longer than five years.

The BCSC Panel set aside the permanent prohibition and stated further: "Since the expiry date has long since passed for any suspension that may have been reasonable in the circumstances, we make no further order".

IIROC formally initiated the investigation into Mr. Rahmani's conduct on August 9, 2002. The violations occurred when Mr. Rahmani was a Registered Representative with the 2100-885 West Georgia Street, Vancouver Branch of CIBC World Market Inc. and the 2200-609 Granville Street, Vancouver Branch of Canaccord Capital Corporation. Mr. Rahmani is no longer registered in any capacity with an IIROC Dealer Member.

The IDA Hearing Panel's Decision and Reasons are available at http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=7E176154B210446782366C2149A9EF31&Language=en.

The BCSC decision is available at http://www.bcsc.bc.ca/comdoc.nsf/AllByUNID/26CD3C266A283CF9882575CA0055C1FC?opendocument.

The BCCA decision is available at http://www.courts.gov.bc.ca/jdb-txt/CA/10/00/2010BCCA0093.htm.

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, wfunt@iiroc.ca; Jeff Kehoe, Director, Enforcement Litigation, (416) 943-6996, jkehoe@iiroc.ca


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