TORONTO, Sept. 30,
2024 /CNW/ - On September 20,
2024, a panel of the Canadian Investment Regulatory
Organization (CIRO) held a hearing pursuant to the Investment
Dealer and Partially Consolidated Rules (IDPC) and accepted a
settlement agreement, with sanctions, between Enforcement Staff and
RBC Dominion Securities Inc. (RBC DS).
RBC DS admitted it engaged in trades of shares on behalf of
Canadian investors, which occurred other than by the entry of an
order on a marketplace, without seeking a regulatory exemption from
CIRO trades to be done off-market.
Pursuant to the settlement agreement, RBC DS agreed to a fine of
$ $1,000,000 and costs of
$15,000. RBC DS will also deliver a
training program to individuals involved in the Deal to ensure full
understanding of UMIR 6.4 requirements.
The Settlement Agreement is available at:
RBC Dominion Securities Inc. – Settlement Agreement
The hearing panel's decision will be made available at
www.ciro.ca.
RBC Dominion Securities Inc. is a CIRO-registered investment
dealer.
The Canadian Investment Regulatory Organization (CIRO) is the
national self-regulatory organization that oversees all investment
dealers, mutual fund dealers and trading activity on Canada's debt and equity marketplaces. CIRO is
committed to the protection of investors, providing efficient and
consistent regulation, and building Canadians' trust in financial
regulation and the people managing their investments. For more
information, visit www.ciro.ca.
All information about disciplinary proceedings relating to
current and former member firms and individual registrants under
the Investment Dealer and Partially Consolidated Rules (for
investment dealers), the Mutual Fund Dealer Rules (for mutual
fund dealers) and the Universal Market Integrity Rules (UMIR) is
available on CIRO's website.
Background information regarding the qualifications and
disciplinary history, if any, of advisors currently employed by
CIRO-regulated investment firms is available free of charge through
the AdvisorReport service. Information on how to make
dealer, advisor or marketplace-related complaints is available by
calling 1-877-442-4322.
CIRO investigates possible misconduct by its member firms and
individual registrants. It can bring disciplinary proceedings which
may result in sanctions including fines, suspensions, permanent
bars, expulsion from membership, or termination of rights and
privileges for individuals and firms.
SOURCE Canadian Investment Regulatory Organization (CIRO)