CALGARY, Nov. 15, 2012 /CNW/ - A hearing has been scheduled before a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC), to consider whether the panel should accept a Settlement Agreement entered into between IIROC staff and John Lloyd Hanna.
The Agreement concerns the conduct of Mr. Hanna, who failed to use due diligence to learn and remain informed of the essential facts relative to one client, and failed to use due diligence to ensure that recommendations were suitable for that client.
The hearing will not be open to the public, but will become open in the event the panel accepts the agreement. If the agreement is accepted, the panel's decision and the Settlement Agreement will be made 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.
|Hearing Date:||December 5, 2012, 10:00 a.m.|
|1919 Saskatchewan Drive|
|Regina, Sask. S4P 4H2|
IIROC formally initiated the investigation into Mr. Hanna's conduct in December 2010. The conduct occurred when he was a Registered Representative with the Regina branch of Wellington West Capital Inc., an IIROC-regulated firm. Mr. Hanna is currently a Registered Representative at National Bank Financial Ltd.
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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
Vice President, Western Canada
Director, Public Affairs