IN THE MATTER OF Magna Partners Ltd. (Expedited Hearing)

TORONTO, Aug. 16 /CNW/ - Following an expedited hearing held on August 13, 2010 in Toronto, Ontario, with notice to Magna Partners Ltd. ("Magna"), and on their consent, a Hearing Panel of the Investment Industry Regulatory Organization of Canada ("IIROC") suspended Magna's membership as an IIROC regulated firm until certain conditions are met and ordered that the firm cease dealing with the public.

The hearing panel made the following specific Order to take effect on Friday, August 13, 2010 at 12:00 p.m.:

    
     (1)  Pursuant to Dealer Member Rule 20.45(1)(a) and (b), Magna Partners
          Ltd. Membership is suspended until such time as a qualified Chief
          Compliance Officer is approved by IIROC;

     (2)  Pursuant to Dealer Member Rule 20.45(1)(d), Magna Partners Ltd.
          shall immediately cease dealing with the public;

     (3)  That Magna comply with IIROC Dealer Member Rule 600 throughout the
          suspension period; and

     (4)  During the period of suspension, Magna will be permitted to
          liquidate any existing inventory long positions and repurchase any
          existing inventory short positions;
    

The Notice of Application for the matter is available at: http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=F06DB8B5E658492C843A46CBD88D058E&Language=en

The Hearing Panel's Order is available at: http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=695A0F9B14A84853B80703DE02673E70&Language=en

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: Jeff Kehoe, Vice President, Enforcement, 416 943.6996, jkehoe@iiroc.ca


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