IN THE MATTER OF Standard Securities Capital Corporation - Settlement



    TORONTO, Aug. 17 /CNW/ - On August 11, 2009, a Hearing Panel of the
Investment Industry Regulatory Organization of Canada (IIROC) accepted a
Settlement Agreement between the IIROC Staff and Standard Securities Capital
Corporation (the "Respondent"). Pursuant to the Settlement Agreement, the
Respondent admitted that:

    
        1) As of July 11, 2009, the Respondent failed to designate a Chief
           Compliance Officer who is responsible for discharging the
           obligations of the Respondent under Ontario Securities Law,
           contrary to section 1.3(1) of Ontario Securities Commission Rule
           31-505 and IIROC Dealer Member Rule 38.3;

        2) As of July 11, 2009, the Respondent failed to designate an
           Ultimate Designated Person who is ultimately responsible for
           discharging the obligations of the Respondent under Ontario
           Securities Law, contrary to section 1.3(2) of Ontario Securities
           Commission Rule 31-505 and IIROC Dealer Member Rule 38.1.

    Pursuant to the Settlement Agreement, the Hearing Panel imposed the
following penalty against the Respondent:

    (a) an order that Standard Securities Capital Corporation's membership
        with IIROC be immediately suspended;

    (b) an order directing Standard Securities Capital Corporation to
        immediately cease dealing with the public;

    (c) Standard Securities Capital Corporation will maintain its
        $2.7 million Financial Institution Bond until such time the
        resignation of its IIROC membership becomes effective, unless
        otherwise agreed to by the Vice-President, Financial & Operations
        Compliance of IIROC; and

    (d) Standard Securities Capital Corporation will enter into an escrow
        agreement approved by the Vice President, Financial and Operations
        Compliance of IIROC, in which it will deposit its remaining assets,
        subject to reasonable terms and exceptions acceptable to the Vice
        President, Financial & Operations Compliance of IIROC, until all
        outstanding legal actions initiated by its former clients are
        resolved.
    

    IIROC formally initiated the proceeding regarding the Respondent's
conduct on July 14, 2009. The Respondent is a dealer-member of IIROC.
    The Hearing Panel will issue its Reasons and Decision on a later date.
The Settlement Agreement is available at www.iiroc.ca.

    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.





For further information:

For further information: Alex Popovic, Vice-President, Enforcement,
(416) 943-6904, apopovic@iiroc.ca; Jeff Kehoe, Director, Enforcement, (416)
943-6996, jkehoe@iiroc.ca


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