TORONTO, Dec. 10 /CNW/ - A hearing has been scheduled before a Hearing
Panel of the Investment Industry Regulatory Organization of Canada
(IIROC) to consider whether the panel should accept a settlement
agreement between IIROC staff and All Group Financial Services Inc.
The agreement concerns allegations that All Group Financial Services
Inc. failed to maintain Risk-Adjusted Capital above zero, and reduced
its capital by redeeming shares without prior consent.
The hearing is not open to the public, but will become open in the event
the panel accepts the agreement. If the agreement is accepted, the
panel's decision and reasons will be made available at www.iiroc.ca.
10:00 a.m., Tuesday, December 21, 2010
IIROC Office, 121 King Street West, Suite 1600, Boardroom 1
The allegations are that between April 22, 2009 and May 19, 2009, and
during December 2009, All Group failed to maintain its Risk-Adjusted
Capital at a level greater than zero, contrary to IIROC Rule 17.1.
In addition, it is alleged that during July and August 2009, while in an
Early Warning Category, All Group reduced its capital by redeeming
shares without obtaining prior consent from IIROC, contrary to IIROC Rule 30.3 (iv) (1).
IIROC formally began the investigation into the conduct of All Group, an
IIROC-regulated firm, in June 2009.
* * *
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 and permanent bans or
terminations 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.
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.
SOURCE Investment Industry Regulatory Organization of Canada (IIROC) - General News
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