CALGARY, June 22, 2012 /CNW/ - On June 4, 2012, a Hearing Panel of the
Investment Industry Regulatory Organization of Canada (IIROC) accepted
a Settlement Agreement between the IIROC staff and James Gwilym Jones.
Mr. Jones admitted he failed to use due diligence to learn and remain
informed of the essential facts relative to six clients, and failed to
use due diligence to ensure recommendations were suitable for those
Specifically, Mr. Jones admitted to the following violations:
a) Relative to six clients, during separate multi-year periods
between March 2004 and March 2009, he:
failed to use due diligence to learn and remain informed of the
essential facts relative to his clients, contrary to IIROC Rule 1300.1(a);
failed to use due diligence to ensure the recommendation of any security
for his clients was suitable for them based on factors including the
clients' financial situation, investment knowledge, investment
objectives and risk tolerance, contrary to IIROC Rule 1300.1(q);
Pursuant to the Settlement Agreement, Mr. Jones agreed to the following
a) a $200,000 fine; and
b) prohibition from registration with IIROC in any capacity for five
Mr. Jones also agreed to pay costs in the amount of $10,000.
The Settlement Agreement and the Hearing Panel's decision will be
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. Jones's conduct in
March 2009. The alleged violations occurred when he was a Registered
Representative with the Calgary branch of Dundee Securities Inc., an
IIROC-regulated firm. Mr. Jones is no longer a registrant with an
* * *
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
Director, Public Affairs