MONTRÉAL, Jan. 18, 2018 /CNW/ - Following a disciplinary hearing held on November 15, 2017 in Montreal, Quebec, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) found that Jean‑Louis Trudeau engaged in discretionary trading in a client's accounts.
The Hearing Panel's decision, dated December 12, 2017, is available at: http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=1467E85D9C2546E3B5C82C13805D365B&Language=en
Specifically, the Hearing Panel found that during the period between January 29, 2013 and October 29, 2014, Mr. Trudeau executed 30 discretionary trades in a client's accounts, without the accounts having been preauthorized as "discretionary" accounts, contrary to IIROC Dealer Member Rules 1300.4 and 1300.5.
A separate hearing will be held to determine the penalty to be imposed on Mr. Trudeau, the date of which 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.
IROC formally initiated the investigation into Mr. Trudeau's conduct in February 2015. The violation occurred while he was a Registered Representative with the Montreal branch of Mackie Research Capital Corporation, an IIROC-regulated firm. Mr. Trudeau is no longer a registrant with an IIROC-regulated firm.
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IIROC is the national self-regulatory organization that 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 that 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: Claudyne Bienvenu, Vice-President, Québec and Atlantic, 514-878-2854, email@example.com; Media Contact: Andrea Zviedris, Manager, Media Relations, 416-943-6906, azviedris@IIROC.CA