Enforcement Notice - IN THE MATTER OF Bryan Andrew Vickers - Penalty Decision

TORONTO, Sept. 14, 2015 /CNW/ - Following a penalty hearing held on July 9, 2015, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) imposed the following penalties on Bryan Andrew Vickers:


A fine of $20,000; and


A requirement that Mr. Vickers re-write the supervisory exam before seeking approval for promotion.

Mr. Vickers is also required to pay costs in the amount of $3,000.

The penalty decision can be found at: http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=33BF8A7B08F348E1B2D539621EA8CB81&Language=en.

Pursuant to an Agreed Statement of Facts, Mr. Vickers admitted to the following violations:


From April 2010 to August 2011, Mr. Vickers failed to adequately supervise a Registered Representative and certain of his client accounts, when the Registered Representative recommended certain inverse exchange-traded funds ("IETFs") to clients, contrary to IIROC Dealer Member Rule 38.4;


Mr. Vickers failed to ensure that, during the relevant period, the Registered Representatives' recommendation to his clients to purchase the IETFs was suitable for those clients and, as a result, Mr. Vickers failed to adequately fulfill his responsibilities to supervise the Registered Representative; and


From April 2010 to August 2011, Mr. Vickers failed to use due diligence to ensure that the Registered Representative's recommendations to certain of his clients were suitable based on those clients' investment objectives and risk tolerance as recorded on their NAAFs, contrary to Dealer Member Rule 38.4.

The Agreed Statement of Facts can be found at: http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=D43D76CEC9534818A8C37EB14343490F&Language=en.

This Penalty Decision results from an appeal by Mr. Vickers of an earlier Penalty Decision released June 19, 2014 which can be found at: http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=EE57C49DFA614370AA99FF00E405FA3D&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.

IIROC formally initiated the investigation into Mr. Vickers' conduct in November 2012. The violations occurred while he was a Branch Manager with the London, Ontario branch of RBC Dominion Securities, an IIROC-regulated firm.  Mr. Vickers is currently a Registered Representative with that same branch.

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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

For further information: Enforcement Contact: Elsa Renzella, Vice President, Enforcement, 416 943-5877, erenzella@iiroc.ca; Media Contact: Karen Archer, Manager, Media Relations, 416 865-3046, karcher@iiroc.ca


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