TORONTO, Oct. 29, 2012 /CNW/ - On October 17, 2012, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) accepted a Settlement Agreement between IIROC staff and James William Watson.
Mr. Watson admitted that between November 2010 and April 2011 he contravened UMIR 2.2(2) and UMIR Policy 2.2 by entering orders for a security listed on the TSX-Venture Exchange that he knew, or ought reasonably to have known, would create, or could reasonably be expected to create, a false or misleading appearance of trading activity in or interest in the purchase of the security or an artificial bid price for the security.
Pursuant to the Settlement Agreement, Mr. Watson agreed to pay a $10,000 fine to IIROC and to a suspension of access to IIROC-regulated marketplaces for a period of 14 days. Mr. Watson also agreed to pay costs in the amount of $1,500.
The Settlement Agreement is available at
http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=BBBA22C6895E43E8921F523279D17E60&Language=en and the panel's decision will be made available at www.iiroc.ca.
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. Watson's conduct in August 2011. The conduct occurred when Mr. Watson was a Registered Representative with the Toronto head office of Jones, Gable & Company Limited, an IIROC-regulated firm. Mr. Watson is still a Registered Representative at Jones, Gable & Company Limited.
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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.
SOURCE: Investment Industry Regulatory Organization of Canada (IIROC) - General News
For further information:
Vice President, Enforcement
Director, Public Affairs