IN THE MATTER OF Scotia Capital Inc. - Settlement

TORONTO, Dec. 18 /CNW/ - Notice is hereby given that a hearing will be held before a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC), on Monday, December 21, 2009 at IIROC Main Boardroom, located at 145 King Street West, 9th Floor, Toronto, Ontario at 1 p.m. or as soon thereafter as the hearing can be held, to consider whether, pursuant to section 20.36 of IIROC Dealer Member Rule, the Hearing Panel should accept a Settlement Agreement entered into between Staff of IIROC and Scotia Capital Inc. (the "Respondent").

The subject matter of the proposed Settlement Agreement concerns allegations that:

    
    Between July 25 and August 10, 2007, the Respondent failed to adequately
    respond to emerging issues in the Coventree asset-backed commercial paper
    (ABCP) market insofar as it continued to sell Coventree ABCP without
    engaging Compliance and other appropriate processes for the assessment of
    such emerging issues, contrary to Investment Dealers Association By-law
    29.1 (ii) (now IIROC Dealer Member Rule 29.1(ii)).
    

IIROC formally initiated the investigation into the Respondent's conduct on February 13, 2008. The alleged violation occurred when the Respondent was a member firm of the Investment Dealers Association (IDA). The Respondent is currently an IIROC dealer member.

The hearing is not open to the public unless and until the Settlement Agreement has been accepted by the Hearing Panel. If the Hearing Panel accepts the Settlement Agreement, 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: Alex Popovic, Vice President, Enforcement, (416) 943-6904, apopovic@iiroc.ca; Jeff Kehoe, Director, Enforcement Litigation, (416) 943-6996, jkehoe@iiroc.ca


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