TORONTO, Jan. 14, 2021 /CNW/ - A hearing was originally scheduled to commence before a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) in the matters of Joseph Anthony Thomson and Douglas Gerald McRae, of PACE Securities Corp. ("PSC"), on February 1, 2021. The hearing has been adjourned and a further appearance has been scheduled to set a date for the discipline hearing.
The discipline hearing concerns allegations that:
IIROC formally initiated the investigation into Mr. Thomson's conduct in November 2018. The alleged violations occurred while he was a Chief Executive Officer, Ultimate Designated Person, Registered Representative and Portfolio Manager of PSC, an IIROC-regulated firm. Mr. Thomson is no longer a registrant with an IIROC-regulated firm.
IIROC formally initiated the investigation into Mr. McRae's conduct in November 2018. The alleged violations occurred while he was a Chief Compliance Officer of PSC, an IIROC-regulated firm. Mr. McRae is no longer a registrant with an IIROC-regulated firm.
IIROC suspended PSC on May 21, 2020.
The hearing is open to the public, unless the Panel orders otherwise. Members of the public who would like to attend the hearing should contact IIROC's National Hearing Coordinator at NHC1@iiroc.ca to obtain the details.
Appearance Date: The hearing will be held by way of videoconference on March 11, 2021 at 10:00 a.m.
The decision of the Hearing Panel will be made available at www.iiroc.ca.
The Notice of Hearing and Statement of Allegations which sets out the allegations is available at:
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 pan-Canadian self-regulatory organization that oversees all investment dealers and their trading activity in Canada's debt and equity markets. IIROC sets high quality regulatory and investment industry standards, protects investors and strengthens market integrity while supporting healthy Canadian capital markets. IIROC carries out its regulatory responsibilities through setting and enforcing rules regarding the proficiency, business and financial conduct of 175 Canadian investment dealer firms of varying sizes and business models, and their more than 30,000 registered employees. IIROC also sets and enforces market integrity rules regarding trading activity on Canadian debt and 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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