MONTRÉAL, Feb. 12, 2014 /CNW/ - An appearance has been scheduled before a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC), for the purpose of setting a date for the disciplinary hearing in the matter of Jean-Yves Gaudreault.
The discipline hearing concerns allegations that between May 2005 and October 2010, Mr. Gaudreault, failed to use due diligence to ensure that his recommendations to buy, sell and/or hold securities were suitable for one of his clients and that, between May 2006 and May 2008, he effected seven discretionary trades in the account of one of his clients, without the account having been previously approved as "discretionary" by his employer.
The set date appearance is open to the public, unless the Hearing Panel orders otherwise. The date for the discipline hearing 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.
|Set Date Appearance:||February 20, 2014 at 10:00 a.m.|
|| IIROC Office Board Room
5 Place Ville Marie, Suite 1550
Specifically, the allegations are that:
|(a)||Between May 2005 and October 2010, Mr. Gaudreault failed to use due diligence to ensure that his recommendations to buy, sell and/or hold securities were suitable for his client, contrary to IIROC Dealer Member Rule 1300.1(q) (IDA Regulation 1300.1(p) prior to June 1, 2008); and|
|(b)||Between May 2006 and May 2008, Mr. Gaudreault engaged in discretionary trading on at least seven occasions in the account of one of his clients, without the account having been preauthorized by the firm as a discretionary or managed account, contrary to IDA Regulation 1300.4 and 1300.5 (now IIROC Dealer Member Rule 1300.4 and 1300.5, since June 1, 2008).|
IIROC formally initiated the investigation into Mr. Gaudreault's conduct in May 2012. The alleged violations occurred when he was a Registered Representative with the Québec City branch of Canaccord Genuity Corp., an IIROC-regulated firm. Mr. Gaudreault is no longer a registrant with an IIROC-regulated firm.
The Notice of Hearing which sets out the allegations is available at
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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
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