TORONTO, Sept. 27, 2016 /CNW/ - The Investment Industry Regulatory Organization of Canada (IIROC) today announced that the Prince Edward Island Office of the Superintendent of Securities has authorized IIROC to enforce the payment of fines against John Phillip Watts by filing the decision with the Supreme Court of Prince Edward Island.
IIROC applied for the Order to pursue the collection of fines from Watts, who was sanctioned by an IIROC Hearing Panel for failing to ensure that recommendations made to clients were suitable and for engaging in unauthorized trading.
IIROC issued a written decision on August 9, 2016, confirming a settlement agreement that was reached with Watts which imposed monetary penalties in the amount of a $115,000 fine and $20,000 in costs.
IIROC continues to focus its efforts to collect fines, send a strong message of deterrence to potential wrongdoers and support investor confidence in the regulatory system.
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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
For further information: please contact: Enforcement Contact: Alexandra Clark, Director, Enforcement Litigation, 416 943-6996, [email protected]; Media Contact: Karen Archer, Manager, Media Relations, 416 865-3046, [email protected]