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
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