IN THE MATTER OF Raymond James Ltd. - Settlement Accepted

VANCOUVER, Dec. 3, 2012 /CNW/ - On November 22, 2012, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) accepted a Settlement Agreement between IIROC staff and Raymond James Ltd (Raymond James).

Raymond James admitted that it failed to ensure adequate supervision of the option trading in 23 client accounts of one Registered Representative.

Specifically, Raymond James admitted to the following violation:

(a)	Between May 14, 2008 and October 31, 2008, Raymond James failed to ensure adequate supervision of the option trading in 23 client accounts of one Registered Representative, contrary to IDA Regulations 1300.1 (o), 1300.2 and IDA Policy No. 2 and Dealer Member Rules 1300.1 (o), 1300.2 and 2500.

Pursuant to the Settlement Agreement, Raymond James agreed to the following penalty:

(a)	A fine of $50,000

Raymond James also agreed to pay costs in the amount of $10,000.

The Settlement Agreement is available at:

http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=72D0B66A0DCD4B12A0AE07041BA6D5F0&Language=en
and the panel's decision will be made available at www.iiroc.ca.

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.

IIROC formally initiated the investigation into Raymond James' conduct in June 2010.  Raymond James is an IIROC-regulated firm.

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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. 

 

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

Enforcement Contact:
Warren Funt
Vice President, Western Canada
604 331-4750
[email protected]

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