Tag: 娱乐地图VOU

IIROC fines dealer for failure to comply with trading supervision obligations

IIROC fines dealer for failure to comply with trading supervision obligations

first_img Share this article and your comments with peers on social media An Investment Industry Regulatory Organization of Canada (IIROC) hearing panel on June 28 accepted a settlement, with sanctions, between IIROC staff and Toronto-based M Partners Inc. and Steven Isenberg, its CEO, in connection with weaknesses in the dealer’s trading supervision.M Partners and Isenberg agreed to the following penalty: Gavel and legal books olegdudko/123RF Related news BFI investors plead for firm’s sale PwC alleges deleted emails, unusual transactions in Bridging Finance casecenter_img The dealer will pay a fine of $120,000; andIsenberg will pay a fine of $70,000.M Partners will also pay $10,000 in costs.The sanctions stem from the dealer’s admissions it didn’t comply with its trading supervision obligations and failed to maintain a proper audit trail. Additionally, Isenberg admitted he didn’t adequately supervise the dealer’s compliance.According to the settlement agreement, “there were numerous instances” when the dealer failed to properly complete trade tickets and didn’t follow its own internal policies and procedures for maintaining an audit trail.“This was contrary to M Partners’ regulatory obligations and created uncertainty as to client instructions and the ownership of securities,” the agreement states says.This is IIROC’s second settlement with the dealer involving audit trail deficiencies. In February 2015, M Partners paid a $40,000 fine in connection with audit trail violations and improper order handling practices.The dealer retained a consultant in 2017 to address the supervisory weaknesses and to review its compliance program.“M Partners has implemented electronic ticketing to address the audit trail deficiencies and is implementing other improvements to its compliance program,” the settlement agreement states. Facebook LinkedIn Twitter Keywords EnforcementCompanies Investment Industry Regulatory Organization of Canada Mouth mechanic turned market manipulatorlast_img read more