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VANCOUVER, BC, March 17, 2021 /CNW/ - On March 8, 2021, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) accepted a Settlement Agreement, with sanctions, between IIROC staff and Brian Anthony Peters.
Mr. Peters admitted that he made unsuitable recommendations for a client and that he accepted trading instructions from someone other than his client, without the client's written authorization.
Specifically, Mr. Peters admitted to the following violations:
(a) between October 2010 and December 2012, Peters failed to use due diligence to ensure that recommendations he made to his client were suitable, contrary to Dealer Member Rule 1300.1(q); and
(b) between October 2010 and December 2012, Peters accepted trading instructions for his client's accounts from a person other than the client, without the client's written authorization, contrary to Dealer Member Rule 200.2(m)(iii).
Pursuant to the Settlement Agreement, Mr. Peters agreed to the following penalty:
(a) a fine in the amount of $50,000 (which includes disgorgement of the approximately $9,192 in commissions earned by Peters in relation to the contravention); and
(b) a 30 day suspension from registration in any capacity with IIROC.
Mr. Peters also agreed to pay costs in the amount of $2,500.
The Settlement Agreement is available at:
IIROC formally initiated the investigation into Mr. Peters' conduct in July 2016. The violations occurred while he was a Registered Representative with the Vancouver, British Columbia office of Canaccord Genuity Corp., an IIROC-regulated firm. Mr. Peters is still employed with Canaccord Genuity Corp.
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
View original content: http://www.newswire.ca/en/releases/archive/March2021/17/c2615.html