TORONTO, Sept. 16 /CNW/ - On September 4, 2008, a Hearing Panel of the
Investment Industry Regulatory Organization of Canada (IIROC) accepted a
Settlement Agreement between IIROC Staff and Questrade Inc. (the
"Respondent"). Pursuant to the Settlement Agreement, the Respondent admitted
(a) On or about May 31 and June 1, 2007, Questrade Inc. failed to
maintain risk adjusted capital at a level greater than zero as
calculated in accordance with Association Form 1 and was capital
deficient in the sums of $431,000 and $133,000 respectively and
thereby contravened IDA By-law 17.1.
Pursuant to the Settlement Agreement, the Hearing Panel imposed the
following penalty against the Respondent:
(a) A fine in the amount of 30,000;
and required the Respondent to pay costs in the amount of $2,500.
The Investment Dealers Association of Canada (IDA) formally initiated the
investigation into the Respondent's conduct on or about August 2, 2007. The
violations occurred when the Respondent was a member of the IDA. The
Respondent is currently a Dealer Member of IIROC.
The Hearing Panel will issue its Reasons and Decision in due course. The
Settlement Agreement is available at www.iiroc.ca .
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
For further information:
For further information: Alex Popovic, Vice President, Enforcement,
(416) 943-6904 or firstname.lastname@example.org; Jeff Kehoe, Director, Enforcement, (416)
943-6996 or email@example.com