TORONTO, April 6 /CNW/ - On March 25, 2010, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) accepted a Settlement Agreement between IIROC Staff and Robert Bardsley (the "Respondent"). Pursuant to the Settlement Agreement, the Respondent admitted that:
i. From 2005 to 2008, the Respondent conducted his business consistent
with the registration of a Portfolio Manager without being duly
registered, contrary to IDA By-law 29.1 and Dealer Member Rule
ii. On or about December 17, 2008, the Respondent made revisions, at
the client's request, to a client complaint letter, which was
provided to the Member firm, contrary to Dealer Member Rule 29.1.
Pursuant to the Settlement Agreement, the Hearing Panel imposed the
following penalty against the Respondent:
(i) A fine in the amount of $25,000;
(ii) One year suspension from acting in any supervisory capacity with
(iii) Four-month suspension from any registration with IIROC;
(iv) As a condition of re-approval with IIROC, successful completion of
the CPH course;
and required the Respondent to pay a portion of Staff's costs of this
proceeding in the amount of $5,000.
The IDA formally initiated the investigation into the Respondent's conduct on September 26, 2008. The violations occurred when the Respondent was a Registered Representative and Branch Manager with the Fredericton NB Branch of BMO Nesbitt Burns Inc. The Respondent is no longer a registrant with an IIROC-regulated firm.
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, Acting Vice President, Enforcement, (416) 943-6996, firstname.lastname@example.org