IIROC announces settlement with Beacon Securities Limited

TORONTO, April 8 /CNW/ - A Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) has approved a Settlement Agreement, with sanctions, between IIROC staff and Beacon Securities Limited.

In the agreement, Beacon Securities admits to failing to comply with its best price obligation, and failing to have adequate policies and procedures in place to ensure compliance with that obligation, contrary to the Universal Market Integrity Rules (UMIR).

Beacon Securities agrees to a $70,000 fine and to pay $5,000 in costs.

Specifically, Beacon admits 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
  • Failed to have adequate policies and procedures in place in order to ensure reasonable efforts were made to execute orders at the best price, contrary to UMIR 7.1.

The violations occurred from December 2008 until March 2010. IIROC began its investigation into Beacon Securities' conduct in March 2010. Beacon Securities Limited is currently an IIROC-regulated firm.

* * *

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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