Enforcement Notice Hearing - IN THE MATTER OF Northern Securities Inc. - Discipline Hearing
TORONTO, March 1, 2013 /CNW/ - A hearing has been scheduled before a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC), in the matter of Northern Securities Inc. (Northern).
The hearing concerns allegations that, from late 2012 into early 2013, Northern carried on its operations without sufficient capital and without a Chief Financial Officer to ensure regulatory compliance.
The hearing is open to the public unless the panel orders otherwise. The decision of the Hearing Panel 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.
|Hearing Date:||March 19, 20 and 21, 2013, at 10:00 a.m.|
|Location:||Legal Transcript Services|
|350 Bay Street, 7th Floor|
Specifically, the allegations are that:
Over the period from November 21, 2012, to January 25, 2013:
|(a)||Northern had risk adjusted capital in an amount less than zero on 38 days, contrary to Dealer Member Rules 17.1 and 2600 (Policy Statement 2); and|
|(b)||Northern failed to have adequate internal controls in that it failed to have an approved Chief Financial Officer in plan, other than from January 7 to 22, 2013, contrary to Dealer Member Rules 17.2A and 2600 (Policy Statement 2).|
The Notice of Hearing which sets out the allegations 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.
SOURCE Investment Industry Regulatory Organization of Canada (IIROC) - General News