CALGARY, July 11, 2013 /CNW/ - Following a disciplinary hearing held on October 9 - 12, 2012, in Winnipeg, Manitoba, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC), found that Mr. Suppal failed in his "know your client" obligations, failed to ensure that recommendations were suitable for his clients, and made unauthorized trades.
The Hearing Panel's decision dated June 10, 2013, is available at:
Specifically, the Hearing Panel found that Mr. Suppal committed the following violations:
|(a)||From June 2005 to April 2010, Mr. Suppal failed to use due diligence to learn and remain informed of the essential facts relative the First Nation band's Trust, contrary to Rule 1300.1(a) (IDA Regulations 1300.1(a) prior to June 1, 2008);|
|(b)||From May 2007 to April 2010, Mr. Suppal made unsuitable trades in the account of the First Nation band's Trust, contrary to Rule 1300.1(q) (IDA Regulations 1300. (q) prior to June 1, 2008); and|
|(c)||From September 2009 to April 2010, Mr. Suppal made unauthorized trades in the account of the First Nation band's Trust, contrary to Rule 29.1.|
A separate hearing will be held to determine the penalty to be imposed on Mr. Suppal, the date of which will be made available at www.iiroc.ca.
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 Mr. Suppal's conduct in September 2010. The alleged violations occurred while he was a Registered Representative, and later a Branch Manager, with the Winnipeg branch of First Financial Securities Inc., an IIROC-regulated firm. Mr. Suppal is still a Branch Manager with First Financial Securities Inc.
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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.
SOURCE Investment Industry Regulatory Organization of Canada (IIROC) - General News