IN THE MATTER OF Stéphane Rail - Motion

    MONTREAL, June 15 /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 Monday June 29, 2009, at 9 a.m., at 5 Place Ville-Marie,
suite 1550, Montréal, Québec, in the Board Room, in the matter of Stéphane
Rail (the "Respondent").
    At the hearing, the Hearing Panel will hear a motion brought by IIROC in
response to the Respondent's petition to have admitted as evidence a document
that was not presented during the disciplinary Hearing. Respondent claims to
have discovered it only on March 20, 2009 and that the document would prove
that he is not guilty on Count 3.

    The purpose of the motion brought by IIROC is to determine:

    (a) whether the Hearing Panel has jurisdiction to consider this document
        even though the decision rendered in connection with the Respondent's
        guilt is final;

    (b) if the Hearing Panel confirms that it has jurisdiction, what is the
        value of the document invoked by the Respondent;

    (c) whether the Respondent knew of the existence of the document at the
        time of the disciplinary hearing, and whether it could have been
        discovered in good time;

    (d) if the document had been presented at the disciplinary hearing,
        whether it would have had a determining effect on the Respondent's

    IIROC notes that the penalty hearing was held on March 12, 2009, but that
the decision of the Hearing Panel is still pending.
    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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