TORONTO, May 15 /CNW/ - Notice is hereby given that a hearing will be
held before a Hearing Panel of the Investment Industry Regulatory Organization
of Canada (IIROC), on Friday, May 22, 2009 in IIROC Boardroom No.2, Investment
Industry Regulatory Organization of Canada, located at 121 King St. West,
Suite 1600, Toronto, Ontario, at 10:00 am or as soon thereafter as the hearing
can be held, to consider whether, pursuant to section 20.36 of IIROC Dealer
Member Rule, the Hearing Panel should accept a Settlement Agreement entered
into between Staff of IIROC and BMO Nesbitt Burns Inc. (the "Respondent").
The subject matter of the proposed Settlement Agreement concerns an
(a) In September 2007, BMO Nesbitt Burns Inc. failed to maintain risk
adjusted capital at a level greater than zero as calculated in
accordance with Form 1 and was RAC deficient in the sum of $207
million and thereby contravened IIROC Rule 17.1.
IIROC formally initiated the investigation into the Respondent's conduct
on November 3, 2008.
The hearing is not open to the public unless and until the Settlement
Agreement has been accepted by the Hearing Panel. If the Hearing Panel accepts
the Settlement Agreement, the Hearing Panel's decision and reasons will be
made available to the public.
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
For further information:
For further information: Jeff Kehoe, Director, Enforcement, (416)
943-6996, firstname.lastname@example.org; Connie Craddock, Vice-President, Public Affairs,
(416) 943-5870, email@example.com