MONTREAL, Feb. 3, 2012 /CNW/ - A hearing has been scheduled before a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) in the matter of Vinh-Phat Nguyen-Qui.
The hearing concerns allegations that Mr. Nguyen-Qui entered buy and sell orders on the pre-opening market and cancelled them prior to the opening for the sole objective of positioning himself ahead at opening. He also entered short sale orders during the pre-opening market without indicating that they were short sales and /or below the last display sale price.
The hearing is open to the public, unless the panel orders otherwise. Documents related to ongoing IIROC enforcement proceedings - including Reasons and Decisions of Hearing Panels - are posted on the IIROC website as they become available. Click here to search and access all IIROC enforcement documents.
|Hearing Date:||March 26 & 27, 2012, at 10:00 a.m.|
|| Centre Mont-Royal, 2200 Mansfield Street, Montreal, Quebec
Room Mansfield 5
Specifically, the allegations are that between October 2nd and December 23rd, 2009, Mr. Nguyen-Qui:
|(a)||entered orders that he knew or ought reasonably to have known would create or could reasonably be expected to create a false or misleading appearance of trading activity or interest in the purchase or sale of the security, contrary to UMIR 2.2(2)(a);|
|(b)||entered short sale orders in the pre-opening market without proper marker contrary to UMIR 6.2(1)(b)(viii); and|
|(c)||entered short sell orders in the pre-opening market below the last sale price, contrary to UMIR 3.1(1).|
IIROC formally initiated the investigation into Mr. Nguyen-Qui's conduct in May 2010. The alleged violations occurred when he was a Registered Representative with the Montreal branch of W.D. Latimer Co. Limited, an IIROC-regulated firm. Mr. Nguyen-Qui is no longer a registrant with an IIROC-regulated firm.
The Notice of Hearing is available at
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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 marketplaces.
IIROC investigates possible misconduct by its member firms and/or individual registrants. It can bring disciplinary proceedings which may result in penalties including fines, suspensions, permanent bars, expulsion from membership, or termination of rights and privileges for individuals and firms.
All information about disciplinary proceedings relating to current and former member firms is available in the Enforcement section of the IIROC website. Background information regarding the qualifications and disciplinary history, if any, of advisors currently employed by IIROC-regulated firms is available free of charge through the IIROC AdvisorReport service. Information on how to make investment dealer, advisor or marketplace-related complaints is available by calling 1.877.442.4322.
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