Enforcement Notice - IN THE MATTER OF Union Securities Ltd. - Settlement Accepted

VANCOUVER, Jan. 3, 2017 /CNW/ - On December 14, 2016, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) accepted a Settlement Agreement, with sanctions, between IIROC staff and Union Securities Ltd. (Union).

Union admitted that it had ceased to carry on business as a dealer and failed to maintain risk adjusted capital above zero.

Specifically, Union admitted to the following violations:

(a)	Since October 2012 it had ceased to carry on business as a dealer as contemplated by IIROC Rule 8.8; and
(b)	Since July 2013 it had failed to maintain a risk adjusted capital above zero contrary to IIROC Rule 17.1.

Pursuant to the Settlement Agreement, Union agreed to the following penalty:

(a)	Expulsion from membership in IIROC.

The Settlement Agreement is available at: http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=0BA056AD1A8944B08197984FFACF1A19&Language=en

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 Union Securities Ltd. in January 2016.  The firm had been suspended since November 2013 but had remained an IIROC-regulated firm.

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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

Enforcement Contact: Warren Funt, Vice-President, Western Canada, 604 331-4750, [email protected]; Media Contact: Karen Archer, Manager, Media Relations, 416 865-3046, [email protected]

Related Links

http://www.iiroc.ca