CALGARY, July 30, 2013 /CNW/ - Following a disciplinary hearing held on
October 9 - 12, 2012, in Winnipeg, Manitoba, a Hearing Panel of the
Investment Industry Regulatory Organization of Canada (IIROC), found
that Mr. Suppal failed in his "know your client" obligations, failed to
ensure that recommendations were suitable for his clients, and made
The Hearing Panel's decision dated June 10, 2013, is available at:
Specifically, the Hearing Panel found that Mr. Suppal committed the
From June 2005 to April 2010, Mr. Suppal failed to use due diligence to
learn and remain informed of the essential facts relative the First
Nation band's Trust, contrary to Rule 1300.1(a) (IDA Regulations
1300.1(a) prior to June 1, 2008);
From May 2007 to April 2010, Mr. Suppal made unsuitable trades in the
account of the First Nation band's Trust, contrary to Rule 1300.1(q)
(IDA Regulations 1300. (q) prior to June 1, 2008); and
From September 2009 to April 2010, Mr. Suppal made unauthorized trades
in the account of the First Nation band's Trust, contrary to Rule 29.1.
A separate hearing will be held to determine the penalty to be imposed
on Mr. Suppal, the date of which 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.
IIROC formally initiated the investigation into Mr. Suppal's conduct in
September 2010. The violations occurred while he was a Registered
Representative, and later a Branch Manager, with the Winnipeg branch of
First Financial Securities Inc., an IIROC-regulated firm. Mr. Suppal
is a Registered Representative and Supervisor with Portfolio Strategies
* * *
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, Western Canada
Senior Media and Public Affairs Specialist