Enforcement Notice Decision - IN THE MATTER of Sydney Azancot - Settlement Accepted Français
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Investment Industry Regulatory Organization of Canada (IIROC) - General NewsOct 27, 2014, 15:30 ET
MONTRÉAL, Oct. 27, 2014 /CNW/ - On September 29, 2014, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) published its Decision and Reasons confirming its acceptance of the Settlement Agreement, with sanctions, between IIROC staff and Sydney Azancot.
Mr. Azancot admitted to the following violations:
(a) |
Between October 2008 and December 2012, Mr. Azancot engaged in personal financial dealings with a client, by lending him money, without the knowledge of his employer, RBC Dominion Securities Inc., contrary to IIROC Dealer Member Rule 29.1; and |
(b) |
Between 2009 and 2012, through his negligence, Mr. Azancot misled his employer, RBC Dominion Securities Inc., by responding in the negative to questions asked on the annual disclosure forms that the latter asked him to fill out, contrary to IIROC Dealer Member Rule 29.1. |
Pursuant to the Settlement Agreement, Mr. Azancot agreed to the following penalty:
(a) |
A global fine in the amount of $15,000. |
Mr. Azancot also agreed to pay costs in the amount of $3,000.
The Hearing Panel's decision dated September 29, 2014 and the Settlement Agreement is available at
http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=84DF009C6C2C4DCAB8B31C633C9E98D4&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. Azancot's conduct in April 2013. The violations occurred when Mr. Azancot was a Registered Representative with the Laval branch of RBC Dominion Securities Inc., an IIROC-regulated firm. Mr. Azancot 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
Enforcement Contact: Carmen Crépin, Vice-President, Québec, 514 878-2854, [email protected]; Media Contact: Karen Archer, Senior Media and Public Affairs Specialist, 416 865-3046, [email protected]
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