IIROC to Hold Settlement Hearing for Former Drummondville Investment Advisor Christian Desmarais

MONTRÉAL, Feb. 3, 2020 /CNW/ - A hearing has been scheduled before a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) to consider whether the Hearing Panel should accept a Settlement Agreement entered into between IIROC Staff and Christian Desmarais.

The Settlement Agreement concerns allegations that Mr. Desmarais recommended the purchase of a security to three of his clients, whereas he had information regarding this security that had not been disclosed to the public and whereas he should have known that this information could affect the decision of a reasonable investor. Mr. Desmarais allegedly also failed in his duty to protect the financial markets by not taking the appropriate measures in the circumstances when, after executing a buy transaction in a security for his own account, as well as for a client account, he learned information about the security that had not been disclosed to the public and which he should have known could affect the decision of a reasonable investor.

The hearing is not open to the public unless and until the Settlement Agreement has been accepted by the Hearing Panel. If the agreement is accepted, the Panel's decision and the Settlement Agreement will be made available at www.iiroc.ca.

Hearing date: March 19, 2020, at 9:30 a.m.

Location: IIROC – Carmen Crépin Room
525, avenue Viger Ouest, suite 601
Montréal (Québec) H2Z 0B2

IIROC formally initiated the investigation into Mr. Desmarais' conduct in April 2016. The alleged contraventions occurred while Mr. Desmarais was a registered representative with the Drummondville branch of Desjardins Securities Inc., an IIROC-regulated firm. Mr. Desmarais is no longer a registrant with an IIROC-regulated firm.

The Notice of Application for Settlement Hearing is available at:

http://www.iiroc.ca/documents/2020/4e28c075-f03d-4904-aefb-858ab101e0c4_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 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 more than 170 Canadian investment dealer firms and their more than 29,000 registered employees, the majority of whom are commonly referred to as investment advisors. 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

Enforcement Contact: Claudyne Bienvenu, Vice-President, Québec and Atlantic, 514 878-2854, [email protected]; Media Contact: Andrea Zviedris, Manager, Media Relations, 416 943-6906, [email protected]

Related Links

www.iiroc.ca