Enforcement Notice Decision - IN THE MATTER of Guylaine Raby - Settlement Accepted

MONTRÉAL, June 14, 2013 /CNW/ - On May 30, 2013, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) accepted a Settlement Agreement, with sanctions, between IIROC Staff and Guylaine Raby.

Ms. Raby admitted that she engaged in securities-related activities without recording them in her employer's books.

Specifically, Ms. Raby admitted to the following violations:

a) Between March 2003 and October 2011, Ms. Raby:
       
  i. Did not adequately and completely disclose all of her outside business activities to her employer;
       
  ii. Held authorizations to trade and exercised a form of authority over the accounts of someof her clients, off-book and without the knowledge of her employer;
       
  thereby failing to observe high standards of ethics and professional conduct and engaging in business practice unbecoming in the conduct of her activities, contrary to IIROC Dealer Member Rule 29.1 (IDA By-Law 29.1 prior to June 1, 2008);
       
b) Between March 2003 and October 2011, Ms. Raby received a consideration paid through a financial institution other than her employer in regard to securities-related activities that she performed for the latter, contrary to IIROC Rule 18.15 (IDA By-Law 18.15 prior to June 1, 2008).
       
Under the terms of the Settlement Agreement, Ms. Raby accepted the following penalties:
       
(a)  An aggregate fine in the amount of $20,000: $10,000 for count a) and $10,000 for count b); and
       
(b) Disgorgement of $14,000, representing the profits realized by reason of the violations.

Ms. Raby also agreed to pay IIROC costs in the amount of $5,000.

The Settlement Agreement is available at: http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=AB7DFF2A54A14791A2322F3EA83E672E&Language=en

and the decision of the Hearing Panel, dated May 30, 2013, is available at: http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=87BA067C4F9E409DBBA2F19DDEAD5321&Language=en.

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.

IIROC formally initiated the investigation into Ms. Raby's conduct in November 2011. The violations occurred while she was a Registered Representative at the Montréal branch of Desjardins Securities Inc., an IIROC-regulated firm. Ms. Raby is now employed as a Registered Representative at the Montréal branch of Richardson GMP Limited, an IIROC-regulated firm.

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.

SOURCE Investment Industry Regulatory Organization of Canada (IIROC) - General News




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