MONTREAL, March 20, 2012 /CNW/ - A Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) accepted a Settlement Agreement between IIROC staff and Daniel Biron.
Specifically, Mr. Biron admitted to the following violation:
|(a)||Between October 2008 and March 2009, Mr. Biron engaged in conduct that was detrimental to the public interest by acting as a portfolio manager in several client accounts without having been registered in this capacity, without the accounts having been authorized by an IIROC dealer member, and without his clients having signed a managed account agreement, contrary to IIROC Dealer Member Rules 1300.7(a)(i), (b) and (c).|
Pursuant to the settlement agreement, Mr. Biron agreed to the following penalties:
|(a)||a fine of $30,000;|
|(b)||strict supervision for a period of 18 months along with a requirement to file monthly strict supervision reports with the IIROC Registration Department; and|
|(c)||to retake and pass the Conduct and Practices Handbook Course within six months following the effective date of this agreement.|
Mr. Biron also agreed to pay costs in the amount of $3,000.
The agreement and panel's decision dated February 8, 2012 is available at
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.
IIROC formally initiated the investigation into Mr. Biron's conduct in July 2009. The violation occurred when he was a Registered Representative with the Montréal branch of BMO Nesbitt Burns Ltd., an IIROC-regulated firm. Mr. Biron is no longer a registrant with an IIROC-regulated firm.
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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.
For further information:
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Director, Public Affairs