MONTREAL, Feb. 15, 2012 /CNW/ - A penalty hearing has been scheduled before a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC), in the matter of Stéphane Rail.
The panel will consider the appropriate penalties to be imposed as a result of their decision dated December 12, 2011, which found Mr. Rail liable for violating IIROC rules.
Mr. Rail was found to have impeded the IDA's (now IIROC) investigation when he lied about an individual's involvement in a client account, failed to use due diligence to learn and remain informed of the essential facts relative to a client account and to every order accepted, considering that the Authorized Individual had been deceased since 1994, and accepted instructions from an unauthorized person approximately 124 times.
The Hearing Panel's liability decision is available at:
The penalty hearing is open to the public, unless the panel orders otherwise. 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.
|Penalty Hearing Date:||February 24, 2012 at 10:00 a.m.|
|Location:|| Centre Mont-Royal
2200 Mansfield Street,
Room Mansfield 2
IIROC formally initiated the investigation into Mr. Rail's conduct in November 2009. The violations occurred when he was a Registered Representative with the Québec City branches of TD Evergreen and Canaccord Capital Inc., both IIROC-regulated firms. Mr. Rail 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.
For further information:
Vice President, Québec
Director, Public Affairs