TORONTO, July 21 /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 July 31, 2008 at IIROC - Boardroom 2, 121 King Street
West, Suite 1600, Toronto, Ontario, at 10:00 a.m. or as soon thereafter as the
hearing can be held, to consider whether, pursuant to IIROC Dealer Member
Rules 20.36, the Hearing Panel should accept a Settlement Agreement entered
into between Staff of IIROC and TD Waterhouse Canada Inc. (the "Respondent").
The subject matter of the proposed Settlement Agreement concerns
(a) From 2001 to early 2005, the Respondent facilitated purchases of
Olympus funds in client accounts without ensuring that clients were
in fact accredited investors pursuant to the relevant prospectus
exemption rules, contrary to Investment Dealers Association of Canada
Regulations 1300.1(a), 1300.2 and Policy 2.
(b) From 2001 to the fall of 2004, the Respondent failed to establish and
maintain alternative investment review or approval procedures and
from 2001 to 2005 failed to establish and maintain sufficient
training and guidance to its approved persons, to ensure that the
purchase of hedge funds were appropriate for its clients contrary to
Investment Dealers Association of Canada By-law 29.27, Regulations
1300.1(q), 1300.2 and Policy 2.
The Investment Dealers Association of Canada initiated the investigation
in relation to the allegations on or about April, 2006.
The hearing is not open to the public unless and until the Settlement
Agreement has been accepted by the Hearing Panel. If the Hearing Panel accepts
the Settlement Agreement, the decision of the Hearing Panel and the Settlement
Agreement 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: Alex Popovic, Vice President, Enforcement,
(416) 943-6904, firstname.lastname@example.org; Jeff Kehoe, Director, Enforcement, (416)