MONTRÉAL, June 20, 2017 /CNW/ - On May 9, 2017, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) accepted a Settlement Agreement, including disciplinary sanctions, between IIROC staff and Steeve Buisson.
Mr. Buisson admitted having failed, as the designated supervisor responsible for the Québec City branch of Laurentian Bank Securities Inc., to adequately supervise a registered representative under his responsibility, in accordance with supervision conditions imposed by the Québec District Council Approval Committee. Furthermore, Mr. Buisson failed to ensure that a registered representative under his supervision met the training requirements in connection with the 90-day Training Program.
Specifically, Mr. Buisson admitted to the following violations:
Count 1: Between February 12, 2012 and April 28, 2013, Mr. Buisson failed to adequately supervise a registered representative under his responsibility, in accordance with supervision conditions imposed on this registered representative by the Approval Committee of the Quebec District Council, contrary to IIROC Dealer Member Rule 38.4(a); and
Count 2: Between July 2011 and April 2012, Mr. Buisson failed to ensure that a registered representative under his supervision met the training requirements stipulated in IIROC Dealer Member Rule 2900.3 concerning the 90-day Training Program, contrary to IIROC Dealer Member Rule 38.4(a).
Pursuant to the terms of the Settlement Agreement, Mr. Buisson has accepted the following penalties:
(a) A fine in the amount of $15,000;
(b) Successful completion of the Branch Manager's Course within four months following the acceptance of this Settlement Agreement.
Mr. Buisson also agreed to pay IIROC costs in the amount of $2,500.
The Settlement Agreement is available at http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=15A9C903B83943A699133909C65378DC&Language=en
The Hearing Panel's decision is available at http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=2E691A5D06E54D2280EC8CF98F42C89D&Language=en
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 Mr. Buisson's conduct in April 2014. The conduct occurred while Mr. Buisson was the branch manager at the Quebec City branch of Laurentian Bank Securities Inc., an IIROC-regulated firm. Mr. Buisson is currently registered as a supervisor and registered representative at the Quebec City branch of Industrial Alliance Securities Inc.
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 debt and 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, [email protected]; Media Contact: Paul Howard, Director, Communications & Public Affairs, 416 646-7279, [email protected]