From the Wires
Enforcement Notice Decision - IN THE MATTER OF Northern Securities Inc. - Expedited Hearing
Dec. 14, 2012 11:31 AM
TORONTO, Dec. 14, 2012 /CNW/ - Following an expedited hearing held on
December 14, 2012, in Toronto, Ontario with notice to Northern
Securities Inc. (NSI) and with NSI's consent, a Hearing Panel of the
Investment Industry Regulatory Organization of Canada (IIROC) imposed
the following terms and conditions on NSI's continued approval and
Membership:
-
By no later than the close of business on December 31, 2012, NSI must
have a fully executed agreement with one or more Dealer Members to
assign its client accounts, by bulk transfer, that would result in the
transfer of all of NSI's client accounts from NSI's carrying broker,
Penson Financial Services Canada ("Penson") by the close of business on
January 15, 2012.
-
If NSI does not have a fully executed agreement within the time
prescribed in paragraph 1, NSI agrees to assign all of its client
accounts to Penson forthwith.
-
As of the close of business on December 31, 2012, as a condition of its
continuing approval and Membership, NSI shall (a) cease any sales and
advisory activity for retail or institutional customers; and (b)
restrict its activities to mergers and acquisitions, research and
corporate finance.
-
Notwithstanding paragraph 3, NSI may seek approval from IIROC for any
other registrable activities and must seek approval for any change in
business set out in paragraph 3.
-
NSI must continue to meet all obligations of Membership and nothing in
this Order limits IIROC staff's ability to seek the imposition of
penalties pursuant to Dealer Member Rule 20.45 for any failure of NSI
to meet those obligations.
-
NSI will contact all clients by December 17, 2012 and provide notice of
these matters in a manner and form satisfactory to IIROC staff. In
particular, NSI shall notify clients of the following:
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i.
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As of December 31, 2012 all NSI client accounts will be restricted to
liquidating trades and/or transfer-outs as a result of the termination
of the Introducing Broker/Carrying Broker Agreement between NSI and
Penson;
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ii.
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Clients have the right to transfer their accounts with NSI to another
Dealer Member immediately to avoid the application of the restrictions
to their accounts; and
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iii.
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Clients must instruct their new Dealer Member to notify Penson of any
transfer as soon as possible and by no later than December 31, 2012 to
avoid the application of the restrictions to their accounts.
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This Order shall come into effect immediately.
The panel's Order is available at
http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=E1A952CCBF1946EE8A50826401686779&Language=en.
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 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
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