VANCOUVER, Nov. 19 /CNW/ - On November 18, 2009, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) accepted a Settlement Agreement between IIROC Staff and Prodigy Wealth Management Corp. (the Respondent). Pursuant to the Settlement Agreement, the Respondent admitted that since September 15, 2009, it failed to retain and designate an individual who was approved under IIROC's Rules to perform the functions of the Chief Compliance Officer, contrary to IIROC Dealer Member Rule 38.
Pursuant to the Settlement Agreement, the Hearing Panel imposed the following penalty against the Respondent:
(a) an order that the Respondent's IIROC membership be immediately
(b) an order directing the Respondent to immediately cease dealing with
As indicated in IIROC Notice 09-0325, with prior notice to its clients and with no cost to them, the Respondent arranged to transfer all client accounts to Canaccord Capital Corporation effective November 2, 2009 or to such other IIROC Dealer Members as any of its clients instructed.
IIROC formally initiated the proceeding regarding the Respondent's conduct on September 15, 2009. The Respondent is an IIROC-regulated firm.
The Settlement Agreement is available at www.iiroc.ca. The Hearing Panel will issue its Reasons and Decision in due course.
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.
SOURCE Investment Industry Regulatory Organization of Canada (IIROC) - General News
For further information: For further information: Warren Funt, Vice President, Western Canada, (604) 331-4750, email@example.com; Jeff Kehoe, Director, Enforcement, (416) 943-6996, firstname.lastname@example.org