TORONTO, Dec. 6 /CNW/ - On November 26, 2010, the Ontario Superior Court of Justice Divisional Court dismissed an appeal brought by David Berry. The court also awarded $15,000 in costs to Market Regulation Services Inc. (RS), which is now part of IIROC.
In a decision dated February 29, 2008, a Hearing Panel of Market Regulation Services found that the Universal Market Integrity Rules (UMIR) are enforceable against Mr. Berry. Mr. Berry subsequently applied to the Ontario Securities Commission (OSC) for a hearing and review of the RS decision. On September 23, 2009, the OSC dismissed Mr. Berry's application. Mr. Berry then appealed the OSC decision to the Ontario Superior Court of Justice Divisional Court. The court's rationale for dismissing the appeal is explained in its Reasons and Decision.
The alleged UMIR violations occurred between June 2004 and April 2005, when Mr. Berry was a Registered Representative with Scotia Capital Inc., an IIROC-regulated firm. IIROC began its formal investigation into Mr. Berry's conduct in June 2005. He is no longer registered with an IIROC-regulated firm.
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 and permanent bans or terminations 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.
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.
For further information: For further information: