VANCOUVER, May 11, 2017 /CNW/ - On April 27, 2017 a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) accepted a Settlement Agreement, with sanctions, between IIROC staff and George Alexander Peder Pedersson.
Mr. Pedersson admitted that he made unsuitable recommendations for a client.
Specifically, Mr. Pedersson admitted to the following violation:
Between March 2008 and July 2013 Mr. Pedersson acted contrary to IIROC Dealer Member Rule 1300.1 (q) by failing to ensure recommendations he made to a client were suitable for that client.
Pursuant to the Settlement Agreement, Mr. Pedersson agreed to the following penalties:
- payment of $10,000;
- a requirement to successfully re-write the Conduct and Practices Handbook exam; and
- a requirement that any future registration be subject to a one year period of close supervision.
The Settlement Agreement is available at: http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=B44A0DD206284C5FA04A642F18B76BC4&Language=en
The Hearing Panel's decision 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.
IIROC formally initiated the investigation into Mr. Pedersson's conduct in February 2014. The violation occurred while Mr. Pedersson was a Registered Representative at the Vancouver branch of DWM Securities Inc., an IIROC regulated firm. Mr. Pedersson is no longer a registrant with an IIROC-regulated firm.
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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 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: Enforcement Contact: Warren Funt, Vice-President, Western Canada, 604 331-4750, [email protected]; Media Contact: Karen Archer, Manager, Media Relations, 416 865-3046, [email protected]