Enforcement Notice - Hearing - IIROC to Hold a Settlement Hearing for Friedberg Mercantile Group Ltd.

TORONTO, March 25, 2022 /CNW/ - A hearing has been scheduled before a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) to consider whether the panel should accept a Settlement Agreement entered into between IIROC staff and Friedberg Mercantile Group Ltd.

The Settlement Agreement concerns conduct involving failure to review and approve client accounts migrated from AVA Trade Ltd. adequately or on a timely basis prior to account opening and trading; failure to establish and maintain an adequate compliance system, including written policies and procedures to ensure proper supervision of AVA Trade client accounts and trading on the AVA Trade Platform; and failure to establish and maintain a system to supervise the activities of AVA Trade agents.

The hearing is not open to the public, but will become open in the event that the panel accepts the agreement. If the agreement is accepted, the Panel's decision and the Settlement Agreement will be made available at www.iiroc.ca.

Hearing Date: The hearing will be held by way of videoconference on March 29, 2022 at 10:00 a.m.

IIROC formally initiated the investigation into Friedberg Mercantile Group Ltd.'s conduct in July 2020. 

The Notice of Application announcing the settlement hearing is available at:

Friedberg Mercantile Group Ltd. – Notice of Application

*  *  *

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.

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.

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 174 Canadian investment dealer firms of varying sizes and business models, and their more than 31,000 registered employees. IIROC also sets and enforces market integrity rules regarding trading activity on Canadian debt and equity marketplaces. For more information, visit www.iiroc.ca.

SOURCE Investment Industry Regulatory Organization of Canada (IIROC) - General News

Enforcement Contact: Andrew P. Werbowski, Director, Enforcement Litigation, 416-943-5789, [email protected]; Media Contact: Julia Mackenzie, Public Affairs Specialist, 416-786-1650, [email protected]