IN THE MATTER OF Canaccord Financial Ltd. - Settlement
The subject matter of the proposed Settlement Agreement concerns allegations that:
In or about 2006 and 2007, the Respondent did not take steps to adequately ensure its sales staff understood the complexities of the third-party asset-backed commercial paper (ABCP) product it offered for sale to retail clients and the consequent risks (including systemic risks and counterparty risks) related to the product and, in not taking these adequate steps, did not ensure that the purchase of third-party ABCP was appropriately understood by its clients, contrary to Investment Dealers Association Regulation 1300.1(a) (now IIROC Dealer Member Rule 1300.1(a)).
IIROC formally initiated the investigation into the Respondent's conduct on
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
For further information: Alex Popovic, Vice President, Enforcement, (416) 943-6904, [email protected]; Jeff Kehoe, Director, Enforcement Litigation, (416) 943-6996, [email protected]
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