TORONTO, Aug. 23, 2016 /CNW/ - A hearing has been scheduled before a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) to consider whether the panel should accept a Settlement Agreement entered into between IIROC staff and D&D Securities Inc. ("D&D") and Patrick Lilly.
The Agreement concerns conduct involving D&D and Mr. Lilly's failure to ensure compliance with certain regulatory requirements and Mr. Lilly's failure to ensure that D&D's representations to IIROC were fulfilled.
The hearing is not open to the public, but will become open in the event that the panel accepts the agreement. If the agreement is accepted, the Panel's decision and the Settlement Agreement 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.
Hearing Date: Wednesday August 31, 2016 at 2:00 p.m.
Location: IIROC Office, 121 King Street West, Suite 2000, Toronto, ON
IIROC first formally initiated the investigation into D&D and Mr. Lilly's conduct in March 2012. D&D is an IIROC-regulated firm. The conduct occurred while Mr. Lilly was the Ultimate Designated Person and Chief Compliance Officer of D&D. Mr. Lilly continues to be registered in the same capacities at D&D.
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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: Elsa Renzella, Vice-President, Enforcement, 416 943-5877, [email protected]; Media Contact: Karen Archer, Manager, Media Relations, 416 865-3046, [email protected]