MONTRÉAL, Oct. 11, 2012 /CNW/ - Following a disciplinary hearing held on June 7 and 8, 2012, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) found Mr. Vinh-Phat Nguyen-Qui liable for the following contraventions: Mr. Nguyen-Qui entered buy and sell orders in the pre-opening market and cancelled them prior to market opening for the sole objective of acquiring a better chronological position once the market opened. He also entered short-sale orders in the pre-opening market without designating them as short sales and/or at a price below the last sale price as indicated in the consolidated market display.
The panel's decision dated September 17, 2012 is available at http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=32DC438603B048BFB3534B664C0A8604&Language=en.
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.
Specifically, the panel found that Mr. Nguyen-Qui committed the following violations:
|(a)||Entered orders he knew or ought reasonably to have known would create, or could reasonably be expected to create, a false or misleading appearance of trading activity or interest in the purchase or sale of the security, contrary to UMIR 2.2(2)(a);|
|(b)||Entered short-sale orders in the pre-opening market without the proper designation, contrary to UMIR 6.2(1)(b)(viii); and|
|(c)||Entered short-sale orders in the pre-opening market below the last sale price, contrary to UMIR 3.1(1).|
The Hearing Panel imposed the following penalty on Mr. Vinh-Phat Nguyen-Qui:
|(a)||Prohibition from accessing the market as a registered representative for a period of two (2) months;|
|(b)||A fine for the different counts, apportioned as follows:|
|(c)||That Mr. Nguyen-Qui be required to take the "Trader Trading Course" again.|
Mr. Nguyen-Qui is also ordered to pay costs in the amount of $10,000.
IIROC formally initiated the investigation into Mr. Nguyen-Qui's conduct in May 2010. The violations occurred when Mr. Nguyen-Qui was a Registered Representative with the Montréal branch of W.D. Latimer Co. Ltd., an IIROC-regulated firm. Mr. Nguyen-Qui is no longer a registrant with an IIROC-regulated firm.
* * *
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 SSfrom 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, Québec
Director, Public Affairs