MONTRÉAL, June 11, 2012 /CNW/ - A hearing has been scheduled before a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) to consider whether the panel should accept a Settlement Agreement entered into between staff of IIROC and RBC Dominion Securities Inc. (RBC DS), Jean-Pierre Ménard & Serge Leclaire.
The Agreement states the following regarding the conduct of RBC Dominion Securities Inc., Jean-Pierre Ménard and Serge Leclaire:
|(i)||RBC DS, Ménard and Leclaire admit that from August 2003 to December 31, 2008, they failed to adequately perform their roles as gatekeepers to the capital markets by:|
|a)||allowing Earl Jones to hold multiple trading authorizations for multiple unrelated clients; and|
|b)||not questioning some withdrawals in some accounts for which Earl Jones had trading authorization,|
|contrary to Dealer Member Rule 29.1 [IDA by-law 29.1 prior to June 1st 2008].|
The hearing will not be open to the public, but will become open in the event the panel accepts the agreement. If the agreement is accepted, the panel's decision and reasons, together with the agreement, will be made available at www.iiroc.ca.
|Hearing Date:||10:00 a.m., June 14th, 2012|
|| IIROC - Boardroom
5 Place Ville Marie, Suite 1550
IIROC formally initiated the investigation into RBC Dominion Securities Inc.'s conduct in October 2010. RBC Dominion Securities Inc. is still an IIROC-regulated firm.
IIROC formally initiated the investigation into Jean-Pierre Ménard's conduct in March 2010. The conduct occurred when he was a Registered Representative with the Montréal (Place Ville Marie) branch of RBC Dominion Securities Inc., an IIROC-regulated firm. Mr. Ménard is still a registrant with an IIROC-regulated firm.
IIROC formally initiated the investigation into Serge Leclaire's conduct in March, 2010. The conduct occurred when he was a Registered Representative with the Montréal (Place Ville Marie) branch of RBC Dominion Securities Inc., an IIROC-regulated firm. Mr. Leclaire is still a registrant with an IIROC-regulated firm.
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:
Vice President, Quebec
Director, Public Affairs