TORONTO, Sept. 30, 2024 /CNW/ - On September 20, 2024, a panel of the Canadian Investment Regulatory Organization (CIRO) held a hearing pursuant to the Investment Dealer and Partially Consolidated Rules (IDPC) and accepted a settlement agreement, with sanctions, between Enforcement Staff and RBC Dominion Securities Inc. (RBC DS).
RBC DS admitted it engaged in trades of shares on behalf of Canadian investors, which occurred other than by the entry of an order on a marketplace, without seeking a regulatory exemption from CIRO trades to be done off-market.
Pursuant to the settlement agreement, RBC DS agreed to a fine of $ $1,000,000 and costs of $15,000. RBC DS will also deliver a training program to individuals involved in the Deal to ensure full understanding of UMIR 6.4 requirements.
The Settlement Agreement is available at:
RBC Dominion Securities Inc. – Settlement Agreement
The hearing panel's decision will be made available at www.ciro.ca.
RBC Dominion Securities Inc. is a CIRO-registered investment dealer.
The Canadian Investment Regulatory Organization (CIRO) is the national self-regulatory organization that oversees all investment dealers, mutual fund dealers and trading activity on Canada's debt and equity marketplaces. CIRO is committed to the protection of investors, providing efficient and consistent regulation, and building Canadians' trust in financial regulation and the people managing their investments. For more information, visit www.ciro.ca.
All information about disciplinary proceedings relating to current and former member firms and individual registrants under the Investment Dealer and Partially Consolidated Rules (for investment dealers), the Mutual Fund Dealer Rules (for mutual fund dealers) and the Universal Market Integrity Rules (UMIR) is available on CIRO's website.
Background information regarding the qualifications and disciplinary history, if any, of advisors currently employed by CIRO-regulated investment firms is available free of charge through the AdvisorReport service. Information on how to make dealer, advisor or marketplace-related complaints is available by calling 1-877-442-4322.
CIRO investigates possible misconduct by its member firms and individual registrants. It can bring disciplinary proceedings which may result in sanctions including fines, suspensions, permanent bars, expulsion from membership, or termination of rights and privileges for individuals and firms.
SOURCE Canadian Investment Regulatory Organization (CIRO)
Kate Morris, Senior Corporate Communications and Public Affairs Specialist, [email protected], Phone: 416-943-4640
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