TORONTO, Nov. 19, 2018 /CNW/ - On November 12, 2018, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) accepted a Settlement Agreement, with sanctions, between IIROC staff and Raymond James Ltd.
Raymond James Ltd. admitted it failed to revise and maintain an adequate supervisory system designed to achieve compliance with IIROC's rules and all other laws, regulations and policies applicable to its securities business. In particular, Raymond James Ltd. failed to have an adequate procedure for selecting fee-based accounts for supervisory review – contrary to IIROC Dealer Member Rules 38.1 and 2500.
Pursuant to the Settlement Agreement, Raymond James Ltd. agreed to pay a fine of $75,000 and costs in the amount of $2,500.
The Settlement Agreement is available at
The Hearing Panel's decision will be made available at www.iiroc.ca.
IIROC formally initiated the investigation into the conduct of Raymond James Ltd. in August 2015. Raymond James Ltd. is an IIROC-regulated firm.
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 is the national self-regulatory organization which oversees all investment dealers and their trading activity in Canada's debt and equity markets. IIROC sets high quality regulatory and investment industry standards, protects investors and strengthens market integrity while supporting healthy Canadian 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 debt and 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
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