CALGARY, Nov. 7, 2014 /CNW/ - A penalty hearing has been scheduled before a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) in the matter of David Guy Schayes.
The Hearing Panel will consider the penalty to be imposed as a result of their decision dated September 15, 2014, which found that Mr. Schayes acted contrary to Dealer Member Rule 1300.1(q), Dealer Member Rule 29.1, Dealer Member Rule 1300.1(a), and Dealer Member Rule 1300.4. Mr. Schayes was found to have made discretionary trades, unauthorized trades and unsuitable trades, and failed to know one of his clients.
The Hearing Panel's liability decision is available at:
http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=7FA2081C7DB54768B54048CFD7C892EE&Language=en.
The penalty hearing is open to the public, unless the Hearing Panel orders otherwise. The decision of the Hearing Panel will be made available at www.iiroc.ca.
Hearing Date: |
November 21, 2014 at 10:00 a.m. |
Location: |
The Sutton Place Hotel Edmonton |
Room: Rundle Suite |
|
Edmonton, Alberta |
IIROC formally initiated the investigation into Mr. Schayes' conduct in April 2011. The conduct occurred when he was a Registered Representative with the Edmonton branch of CIBC World Markets Inc., an IIROC-regulated firm. Mr. Schayes is no longer a registrant with an IIROC-regulated firm.
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.
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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
Enforcement Contact: Warren Funt, Vice President, Western Canada, 604 331-4750, [email protected]; Media Contact: Karen Archer, Senior Media and Public Affairs Specialist, 416 865-3046, [email protected]
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