MONTREAL, Sept. 10 /CNW/ - Following a motion hearing held on June 29,
2009, in Montréal (Québec), a Hearing Panel of the Investment Industry
Regulatory Organization of Canada ("IIROC") dismissed the motion filed by
Stéphane Rail, to have admitted as evidence a document that was not presented
during the disciplinary hearing and which, according to Mr. Rail, proved that
he was not guilty on Count 3.
Stéphane Rail was found guilty of Count 3 by a majority decision of a
Hearing Panel of IIROC on June 25, 2008. The decision was upheld by an Appeal
Panel of IIROC on January 7, 2009.
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, Québec branch of TD Securities Inc. Since 2002,
Respondent has worked in Ste-Foy, as a branch manager with Canaccord Capital
Inc., an IIROC-regulated firm.
The Hearing Panel issued its Reasons and Decision on August 12, 2009.
They are 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: Carmen Crépin, Vice President, Québec, (514)
878-2854, firstname.lastname@example.org; Jeff Kehoe, Director, Enforcement, (416) 943-6996,