Enforcement Notice - IN THE MATTER of Christian Cloutier - Discipline Hearing

MONTRÉAL, April 28, 2016 /CNW/ - A hearing has been scheduled before a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) in the matter of Christian Cloutier.

The hearing concerns the allegation that Mr. Cloutier did not take into account the recommended holding period and the level of risk associated with the use of leveraged Exchange-Traded Funds before recommending them as a suitable investment to one of his clients.

The hearing is open to the public, unless the Hearing Panel orders otherwise. The decision of the Hearing Panel will be made available at http://www.iiroc.ca 

Hearing Date:

June 14, 2016, at 10 a.m.


Centre Mont-Royal

2200 Mansfield St.

Montréal (Québec)

Specifically, the allegation is that:


Between May 1, 2008 and November 30, 2011, Mr. Cloutier failed to exercise due diligence to ensure that his investment recommendations in leveraged Exchange-Traded Funds constituted a suitable investment for one of his clients, contrary to IIROC Dealer Member Rule 1300.1 (a), (p) and (q) (Regulation 1300.1 (a), (p) and (q) of the IDA, prior to June 1, 2008).

IIROC formally initiated the investigation into Mr. Cloutier's conduct in November 2012. The alleged violation occurred when Mr. Cloutier was a Registered Representative with National Bank Financial Inc., an IIROC-regulated firm. Mr. Cloutier is no longer a registrant with an IIROC-regulated firm.

The Notice of Hearing which sets out the allegations is available at http://www.iiroc.ca/Documents/2016/a6837876-7acb-4916-b608-c6bbbb3d3322_en.pdf.

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.

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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 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: Claudyne Bienvenu, Vice-President, Québec, 514 878-2854, cbienvenu@iiroc.ca; Media Contact: Karen Archer, Manager, Media Relations, 416 865-3046, karcher@iiroc.ca


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