IN THE MATTER OF Stéphane Rail - Appeal

    MONTREAL, Feb. 10 /CNW/ - The decision of the Hearing Panel of the
Investment Industry Regulatory Organization of Canada (IIROC) dated June 25,
2008 in the matter of Stéphane Rail was the object of an appeal hearing before
an Appeal Panel of IIROC on November 26, 2008.

    The IIROC Appeal Panel issued its ruling on January 7, 2009, finding as

    (a) the guilty verdicts on counts 1(a) and 3 are upheld;

    (b) a decision of not guilty on count 2.

    IIROC initiated the investigation into the Respondent's conduct on June
22, 2005. The violations occurred while the Respondent was a Registered
Representative at the Ste-Foy branch of TD Securities Inc. Since 2002, the
Respondent has been employed in Ste-Foy, as a branch manager of Canaccord
Capital Corporation, an IIROC-regulated firm.
    A copy of the decision of the IIROC Appeal Panel may be obtained from
Carmen Crépin, Vice-President, Québec. The decision and reasons of the Appeal
Panel may be viewed at

    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: Carmen Crépin, Vice President, Québec, (514)
878-2854,; Jeff Kehoe, Director, Enforcement, (416) 943-6996,

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