IN THE MATTER OF BMO Nesbitt Burns Inc. - Settlement Hearing

TORONTO, March 27, 2012 /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 BMO Nesbitt Burns Inc.

The agreement concerns allegations that BMO Nesbitt Burns violated Universal Market Integrity Rule (UMIR) 7.1 and Policy 7.1 by failing to adopt adequate policies, procedures and a supervision system sufficient to manage the risks associated with its trading activities to prevent the submission of erroneous orders.

The hearing will not be open to the public, but will become open in the event 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:				10:00 a.m., April 3, 2012
Location:				Legal Transcript Services 350 Bay Street - 7th Floor Toronto, Ontario

IIROC formally initiated the investigation into BMO Nesbitt Burns' conduct in April 2011.  BMO Nesbitt Burns is currently an IIROC-regulated firm.

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 trading activity on debt and equity marketplaces in Canada. Created in 2008 through the consolidation of the Investment Dealers Association of Canada and Market Regulation Services Inc., IIROC sets high quality regulatory and investment industry standards, protects investors and strengthens market integrity while maintaining efficient and competitive 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.

Enforcement Contact: 

Jeffrey Kehoe
Vice President, Enforcement
416 943-6996
[email protected] 

Media Contact: 

David Thomas
Director, Public Affairs
416 943-6921
[email protected]