TORONTO, April 13 /CNW/ - A Hearing Panel of the Investment Industry
Regulatory Organization of Canada (IIROC) has accepted a settlement
agreement, with sanctions, between IIROC staff and Maison Placements
With this agreement, Maison Placements has admitted that it failed to comply with its best
price obligation, and did not adopt policies and procedures to ensure
compliance with this obligation, contrary to the Universal Market
Integrity Rules (UMIR).
Maison Placements has agreed to a $95,000 fine and to pay $5,000 in
Specifically, Maison Placements agreed that it failed to:
Make reasonable efforts to ensure that orders were executed at the best
price, contrary to UMIR 5.2 and UMIR Policy 5.2; and
Have adequate policies and procedures in place to ensure reasonable
efforts were made to execute orders at the best price, contrary to UMIR 7.1 and UMIR Policy 7.1.
The violations occurred between December 2008 and January 2011. IIROC
began its investigation into Maison Placements' conduct in October
2010. Maison Placements Canada Inc. is currently an IIROC-regulated
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 and permanent bans or
terminations 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.
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
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