TORONTO, Dec. 10, 2012 /CNW/ - An expedited hearing has been scheduled before a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC), in the matter of Northern Securities Inc. (Northern).
At the expedited hearing, IIROC staff will be seeking orders pursuant to Dealer Member Rules 20.41, 20.42 and 20.45. Among other things, staff will be seeking an order that Northern notify its clients of the pending restrictions that will be placed on Northern client accounts as of December 31, 2012 resulting from the termination of the Introducing Broker/Carrying Broker arrangement between Northern and Penson Financial Services Canada. IIROC staff will also be seeking an order suspending Northern's membership as of December 31, 2012 if it has not secured a carrying broker arrangement or an acceptable alternate arrangement.
The hearing is open to the public, unless the Hearing Panel orders otherwise. The decision of the Hearing Panel 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.
|Hearing Date:||December 12, 2012 at 10:30 a.m.|
|Location:|| IIROC - Ontario Room
121 King Street West, Suite 2000
Toronto, Ontario M5H 3T9
The Notice of Application is available at http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=5E844C570ED34D88B358BB8CBF3B9ACA&Language=en.
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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 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.
SOURCE: Investment Industry Regulatory Organization of Canada (IIROC) - General News
For further information:
Director, Enforcement Litigation