VANCOUVER, Dec. 6, 2013 /CNW/ - On November 26, 2013, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) accepted a Settlement Agreement, with sanctions, between IIROC staff and Wayne Chiu.
Mr. Chiu admitted that between 2006 and 2010, he failed to use due diligence to ensure that the orders he placed for the accounts of his client were suitable for her, contrary to IIROC Dealer Member Rule 1300.1(q) (IDA Regulation 1300.1(q), prior to June 1, 2008.)
Pursuant to the Settlement Agreement, Mr. Chiu agreed to the following sanctions:
|(a)||A fine in the amount of $20,000;|
|(b)||Disgorgement in the amount of $2,000;|
|(c)||A suspension from approval in any registered capacity for a period of 30 days beginning on December 1, 2013;|
|(d)||Upon completion of suspension, a six month period of close supervision; and|
|(e)||Successful completion of the Conduct & Practices Handbook course by September 1, 2014.|
Mr. Chiu also agreed to pay costs in the amount of $3,000.
The Settlement Agreement is available at: http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=68EA41542AB744FD86668C866EFC7D0C&Language=en and 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 Mr. Chiu's conduct in October 2011. The violations occurred when he was a Registered Representative with the Vancouver head office of Canaccord Genuity Corp., an IIROC-regulated firm. Mr. Chiu is currently a Registered Representative with the Vancouver head office of Wolverton Securities Ltd., 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
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