VANCOUVER, BC, July 10, 2014 /CNW/ - On June 23, 2014, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) accepted a Settlement Agreement, with sanctions, between IIROC staff and Nicola Carolyn More.
Ms. More admitted that she accepted instructions for trades in client accounts from someone not authorized to provide those instructions and disclosed client information to individuals outside her Dealer Member firm who were not authorized to receive it.
Specifically, Ms. More admitted to the following violations:
(a) From September 2008 to February 2009, Ms. More accepted trading instructions in respect of certain client accounts from a person not authorized in writing to provide such instructions for those accounts, contrary to IIROC Dealer Member Rule 200.1(i)(3); and
(b) From September 2008 to May 2010, Ms. More disclosed client information to individuals not authorized to receive it, contrary to IIROC Dealer Member Rule 29.1.
Pursuant to the Settlement Agreement, Ms. More agreed to the following penalties:
(a) A fine of $30,000;
(b) A requirement that she successfully complete the Conduct and Practices Handbook (CPH) course prior to re-approval; and
(c) A requirement that she be placed under strict supervision for a period of three months upon re-approval.
Ms. More also agreed to pay costs in the amount of $5,000.
The Settlement Agreement is available at
The Hearing Panel's decision 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.
IIROC formally initiated the investigation into Ms. More's conduct in July 2011. The conduct occurred while she was a Registered Representative with the Vancouver, BC branch of Canaccord Genuity Corp., an IIROC-regulated firm. Ms. More is no longer a registrant with an IIROC-regulated firm.
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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: Warren Funt, Vice-President, Western Canada, 604 331-4750, [email protected]; Media Contact: Karen Archer, Senior Media and Public Affairs Specialist, 416 865-3046, [email protected]