IN THE MATTER OF Stéphane Rail - Motion

    MONTREAL, April 29 /CNW/ - Notice is hereby given that a hearing will be
held before a Hearing Panel of the Investment Industry Regulatory Organization
of Canada (IIROC), on Thursday, May 28, 2009, at 9:00 a.m. or as soon
thereafter as possible, at 5 Place Ville-Marie, suite 1550, Montréal, Québec,
in the board room, to hear a motion to dismiss to be presented by the
Corporation of the motion in revocation of the guilty verdict and for
reopening of the investigation, brought by the opposing party, in the matter
of Stéphane Rail (the Respondent).

    The motion for dismissal is for orders:

    (a)  to dismiss the motion in revocation of the guilty verdict and for
         reopening of the investigation, served on IIROC by the Respondent on
         March 20, 2009.

    The Hearing Panel had handed down a decision in the matter on June 25,
2008, finding the Respondent guilty on counts 1(a), 2, 3, 4, 5 and 6. On July
24, 2008, the Respondent appealed the decision of the Hearing Panel with
regard to counts 1 (a), 2 and 3 before an Appeal Panel of IIROC.
    On January 7, 2009, the Appeal Panel upheld the determination of the
Respondent's guilt on counts 1 (a) and 3, while reversing the guilty verdict
on count 2. There has been no application to review this decision of the
Appeal Panel.
    Consequently, the Hearing on Penalties was held on March 12, 2009 and, to
date, the Hearing Panel is still in deliberation to determine the penalties
for counts 1(a), 3, 4, 5 and 6.
    On March 20, 2009, the Respondent served IIROC with a motion in
revocation of the guilty verdict and for the reopening of the investigation in
respect of count 3, relative to the discovery of new evidence that would have
the effect of exonerating the Respondent.
    On May 28, 2009, the Hearing Panel will hear the motion for dismissal
brought by IIROC.
    The hearing is open to the public, unless the Hearing Panel orders
otherwise. The Hearing Panel's decision and reasons will be made available to
the public.

    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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