VANCOUVER, Feb. 7, 2013 /CNW/ - An appearance has been scheduled before a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC), for the purpose of setting a date for the disciplinary hearing in the matter of Wayne Chiu.
The discipline hearing concerns allegations that Mr. Chiu failed to use due diligence to ensure that the orders he placed for the account of a client were suitable for her and that he failed to update her Account Information Form so as to reflect changes in her personal circumstances.
The set date appearance is open to the public, unless the Hearing Panel orders otherwise. The date for the discipline hearing will be made available at www.iiroc.ca.
|Hearing Date:||March 21, 2013, at 10:00 a.m.|
|Location:||Reportex Agencies Ltd.|
|925 West Georgia Street, Suite 1010|
Specifically, the allegations are that:
(a) Between 2006 and 2010, Mr. Chiu failed to use due diligence to ensure that the orders he placed for the account of his client were suitable for her, contrary to IDA Regulation 1300.1(p) and IIROC Dealer Member Rule 1300.1(p).
(b) Between 2007 and 2011, Mr. Chiu failed to update his client Account Information Form so as to reflect changes in his client's personal circumstances, contrary to IDA By-law 29.1 and Dealer Member Rule 29.1.
IIROC formally initiated the investigation into Mr. Chiu's conduct in October 2011. The alleged 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.
The Notice of Hearing which sets out the allegations is available at: http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=D95D87FFB5E94BDFB753C4E086195EBF&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.
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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
For further information:
Vice President, Western Canada
Public Affairs Specialist