Compliance

Former rep fined $45,000 for unsuitable investments

An IIROC dealer who made unsuitable investment recommendations resulting in client losses faces a six-month ban and a $45,000 fine. Daryl Rebeck, a Vancouver advisor at the time, made unsuitable recommendations to a couple in their sixties after he used margin trading and other investment strategies inconsistent with the clients’ objectives. An IIROC settlement agreement […]

By Staff |May 4, 2017

1 min read

Industry

Commission accounts have a place, IIROC says

Fees don't fit all.

By Staff |May 2, 2017

1 min read

Industry

Discount broker tools in ‘best interest’ of clients: Questrade

Is IIROC interpreting "recommendation" too broadly?

By Simon Doyle |April 28, 2017

3 min read

Industry

CSA commenced almost half as many proceedings in 2016

Last year, CSA enforcement resulted in more than $62 million in fines, administrative penalties and voluntary payments. However, it’s difficult to compare that to 2015’s amount of $138 million, because that year saw a few cases with large fines. The 2016 amount better compares to that for 2014: $58 million. Included in the $62 million […]

By Michelle Schriver |April 21, 2017

4 min read

OSC seeks comments on update to procedural rules

The Ontario Securities Commission is seeking comments on a proposal to update the rules of procedure and guidelines for proceedings. The proposed new procedural rules, released Thursday, are to ensure that the OSC’s proceedings “are conducted in a just, expeditious and cost-effective manner.” The separately proposed guidelines assist with applying the procedural rules, and set […]

By Staff |April 20, 2017

1 min read

Man convicted for fraudulent RRSP scheme

The CRA says a Calgary man was convicted of tax evasion and fraud under the Criminal Code. James Harvey Cameron was convicted on March 28 after running a fraudulent RRSP scheme from 2002 to 2006, CRA says. He diverted $2.5 million of investors’ funds for his own use and failed to report it as taxable […]

By Staff |April 20, 2017

1 min read

Trader to pay over $400K for fraud, impermissible trading: OSC

A trader and a related firm, Black Panther Trading, has to pay the OSC more than $400,000 in fines and costs after using clients’ investments for personal gain. The OSC is ordering Charles Goddard and Black Panther to permanently cease trading of any securities or derivatives. He is also banned from working as a director […]

By Staff |April 13, 2017

1 min read

Sentry to pay $1.5M for improper, lavish rep gifts

Sentry Investments says it will pay a penalty of $1.5 million to the Ontario Securities Commission to settle allegations it engaged in improper sales practices by giving extravagant gifts to top-selling dealers between 2011 and last year. The investment firm says it has also agreed to pay the OSC’s investigation costs of $150,000 and that […]

3 min read

CSA says it wants to reduce regulatory burden

Interested in reducing regulatory burden? The CSA wants to hear from you. Canada’s securities regulators are seeking comments on possible ways to reduce regulatory burden for capital markets issuers that aren’t investment funds. “Regulatory requirements and the associated compliance costs should be proportionate to the regulatory objectives sought,” Louis Morisset, CSA chair, says in a […]

By Staff |April 6, 2017

1 min read