TORONTO, June 25, 2012 /CNW/ - A hearing has been scheduled before a
Hearing Panel of the Investment Industry Regulatory Organization of
Canada (IIROC) to consider whether the panel should accept a Settlement
Agreement entered into between staff of IIROC and Michael Reid Ast.
The agreement concerns the conduct of Mr. Ast who engaged in
discretionary trading over two decades in certain client accounts with
client consent, but without obtaining the necessary prior written
authorization from the clients and his firm.
The hearing will not be open to the public, but will become open in the
event the panel accepts the agreement. If the agreement is accepted,
the panel's decision and reasons, together with the agreement, will be
made available at www.iiroc.ca.
Documents related to ongoing IIROC enforcement proceedings - including
Reasons and Decisions of Hearing Panels - are posted on the IIROC
website as they become available. Click here to search and access all IIROC enforcement documents.
10:00 a.m., Wednesday, July 4, 2012
IIROC British Columbia Room
121 King Street West, Suite 2000, Toronto
IIROC formally initiated the investigation into the Mr. Ast's conduct in
October 2010. The conduct occurred when he was a Registered
Representative with the Toronto Brookfield Place Branch of CIBC Wood
Gundy, an IIROC-regulated firm. Mr. Ast continues to be a Registered
Representative at the Toronto Brookfield Place Branch.
* * *
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.
IIROC investigates possible misconduct by its member firms and/or
individual registrants. It can bring disciplinary proceedings which may
result in penalties including fines, suspensions, permanent bars,
expulsion from membership, or termination of rights and privileges for
individuals and firms.
All information about disciplinary proceedings relating to current and
former member firms is available in the Enforcement section of the IIROC website. Background information regarding the
qualifications and disciplinary history, if any, of advisors currently
employed by IIROC-regulated firms is available free of charge through
the IIROC AdvisorReport service. Information on how to make investment dealer, advisor or
marketplace-related complaints is available by calling 1.877.442.4322.
SOURCE Investment Industry Regulatory Organization of Canada (IIROC) - General News
For further information:
Vice President, Enforcement
Director, Public Affairs