TORONTO, Sept. 11, 2015 /CNW/ - Following an Expedited Hearing held on September 10, 2015 in Toronto, Ontario, with notice to Edgecrest Capital Corporation ("Edgecrest"), a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) suspended the membership of Edgecrest.
The Hearing Panel ordered:
- Pursuant to Dealer Member Rule 20.45(1)(a), Edgecrest's Membership in IIROC is hereby suspended;
- Pursuant to Dealer Member Rule 20.45(1)(d), Edgecrest shall immediately cease dealing with the public;
- Edgecrest shall comply with IIROC Dealer Member Rule 600 throughout the suspension period;
- Edgecrest shall preserve all books and records, including all hard copy and electronic records in Edgecrest's possession or control (including any computer servers, hard drives and any other electronically stored records in any form) (the "Records") for a period of seven years or pending further order of a Hearing Panel, which Records shall be made available to IIROC staff on demand within a reasonable timeframe;
- Upon determination of all client claims against Edgecrest to the satisfaction of IIROC Staff, IIROC Staff may move, without notice to Edgecrest, for an order terminating the membership of Edgecrest;
- An order that Edgecrest shall pay any outstanding IIROC and Canadian Investor Protection Fund fees; and
- This Order shall come into effect immediately.
The Hearing Panel's Order dated September 10, 2015 is available at:
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 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, [email protected]; Media Contact: Karen Archer, Manager, Media Relations, 416 865-3046, [email protected]