TORONTO, Aug. 4, 2021 /CNW/ - On July 29, 2021, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) accepted a Settlement Agreement, with sanctions, between IIROC staff and iA Private Wealth Inc. ("IAPW").
IAPW admitted that it failed to establish and maintain a system to supervise the activities of its employees reasonably designed to achieve compliance with IIROC requirements.
Specifically, IAPW admitted to the following violation:
(a) IAPW failed to establish and maintain a system to supervise the activities of its employees reasonably designed to achieve compliance with IIROC requirements, contrary to Dealer Member Rules 38.1.
Pursuant to the Settlement Agreement, IAPW agreed to the following penalty:
(a) A fine in the amount of $350,000.
IAPW also agreed to pay costs in the amount of $25,000.
This case was resolved by Early Resolution Offer.
Enforcement Staff agreed to a 30% reduction on the sanctions IIROC would otherwise seek based on IAPW's cooperation, the remedial measures implemented, and clients' compensation to date.
The Early Resolution Offers promote the efficient resolution of cases at an earlier point in the enforcement process, while also ensuring investor harm is addressed through voluntary acts of compensation and the implementation of remedial measures by firms. Find out more here.
The Settlement Agreement dated July 29, 2021 is available at:
iA Private Wealth Inc. - Settlement Agreement
The Hearing Panel's decision will be made available at www.iiroc.ca.
IIROC formally initiated the investigation into IAPW's conduct in July 2019.
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.
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IIROC is the pan-Canadian self-regulatory organization that oversees all investment dealers and their trading activity in Canada's debt and equity markets. IIROC sets high quality regulatory and investment industry standards, protects investors and strengthens market integrity while supporting healthy Canadian capital markets. IIROC carries out its regulatory responsibilities through setting and enforcing rules regarding the proficiency, business and financial conduct of 175 Canadian investment dealer firms of varying sizes and business models, and their more than 30,000 registered employees. IIROC also sets and enforces market integrity rules regarding trading activity on Canadian debt and 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
View original content: http://www.newswire.ca/en/releases/archive/August2021/04/c3099.html