MONTRÉAL, Dec. 17 /CNW/ - A Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) has scheduled a hearing to determine whether the panel should accept a Settlement Agreement between IIROC staff and Richard Roy.
The agreement concerns allegations that Mr. Roy failed in his know-your-client obligations and that he inappropriately followed trading instructions from an unauthorized third party.
The hearing will not be 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, together with the agreement will be made available at www.iiroc.ca.
|Hearing Date:||January 13, 2011, 10 am|
|Location:||5 Place Ville-Marie, Suite 1550, Montréal, QC|
Specifically, the agreement concerns allegations that Mr. Roy:
- Failed to use due diligence to ensure he learned all the essential facts relative to his clients, contrary to IIROC Rule 1300.1 (a) and 1300.1 (b); and
- Accepted and followed instructions from an unauthorized third party, contrary to IIROC Rule 200.1(i)(3).
The alleged violations occurred from January 2005 to June 2007 while Mr. Roy was a Registered Representative at the Montréal branch of Industrial Alliance Securities Inc., an IIROC-regulated firm. IIROC began the formal investigation into Mr. Roy's conduct on September 26, 2007. Mr. Roy is no longer a registrant with an IIROC-regulated firm.
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.
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