VANCOUVER, BC, Sept. 25, 2020 /CNW/ - The Investment Industry Regulatory Organization of Canada (IIROC) has scheduled a hearing to consider whether a Settlement Agreement entered into between IIROC staff and Paul Brum should be accepted.
The agreement concerns allegations that Mr. Brum made unsuitable recommendations and engaged in discretionary trading in two clients' accounts.
Hearing Date: The hearing will be held by videoconference on Wednesday, October 7, 2020 at 10:00 a.m.
The hearing is not open to the public but will become open if and when the Panel accepts the agreement. Members of the public who are interested to attend the hearing may contact IIROC's National Hearing Coordinator at NHC1@iiroc.ca in advance of the hearing to obtain further details. If the agreement is accepted, the Reasons for Decision and the Settlement Agreement will be made available at www.iiroc.ca.
IIROC formally initiated the investigation into Mr. Brum's conduct in July 2018. The violations occurred while he was a Registered Representative with the Vancouver branch of BMO Nesbitt Burns Inc., an IIROC-regulated firm. Mr. Brum is not currently registered with IIROC.
The Notice of Application announcing the settlement hearing is available at: http://www.iiroc.ca/documents/2020/2b8aaea0-3715-40f7-aa49-e29e01772d14_en.pdf
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 national self-regulatory organization which 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 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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