IIROC announces settlement with All Group Financial Services Inc.

TORONTO, Jan. 17 /CNW/ - A Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) has accepted a Settlement Agreement between IIROC staff and All Group Financial Services Inc.

In the agreement, All Group Financial Services Inc. admits that it failed to maintain Risk-Adjusted Capital above zero, and that it reduced its capital by redeeming shares without prior consent.

In doing so, All Group Financial Services accepts a penalty which includes a $35,000 fine and $2,000 in costs.

Specifically, All Group admits that:

  • Between April 22, 2009 and May 19, 2009, and during December 2009, the firm failed to maintain its Risk-Adjusted Capital at a level greater than zero, contrary to IIROC Rule 17.1.
  • During July and August 2009, while in an Early Warning Category, All Group reduced its capital by redeeming shares without obtaining prior consent from IIROC, contrary to IIROC Rule 30.3 (iv) (1).

IIROC formally began the investigation into the conduct of All Group, an IIROC-regulated firm, in June 2009.

* * *

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

For further information:

Jeff Kehoe
Vice President, Enforcement
        Elsa Renzella
Director, Enforcement Litigation


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