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Enforcement Notice - IN THE MATTER OF Michel Savard - Settlement Hearing

MONTRÉAL, Feb. 4, 2014 /CNW/ - A hearing has been scheduled before a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC), to consider whether the Hearing Panel should accept a Settlement Agreement entered into between IIROC Staff and Michel Savard.

The Settlement Agreement concerns allegations that Mr. Savard contravened Rule 2.2 and Policy 2.2 of IIROC's Universal Market Integrity Rules (UMIR), by participating in manipulative or deceptive methods, acts or practices involving a security, even though he knew or ought reasonably to have known that such participation was intended to maintain the sale price, ask price and bid price within a predetermined range.

The hearing is not open to the public, unless and until the Settlement Agreement has been accepted by the Hearing Panel. If the agreement is accepted, the Panel's decision and the Settlement Agreement will be made available at www.iiroc.ca.

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.

Hearing Date:    February 25, 2014 at 10:00 a.m.
   
Location:    IIROC Office, Board Room
  5 Place Ville-Marie, Suite 1550
  Montréal (Québec)

IIROC formally initiated the investigation into Mr. Savard's conduct in August 2011. The conduct occurred when he was a Registered Representative at the Longueuil branch of Laurentian Bank Securities Inc., an IIROC-regulated firm. Mr. Savard is now a Registered Representative at the Westmount branch of Rothenberg Capital Management Inc.

*  *  *

IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada. Created in 2008 through the consolidation of the Investment Dealers Association of Canada and Market Regulation Services Inc., IIROC sets high quality regulatory and investment industry standards, protects investors and strengthens market integrity while maintaining efficient and competitive capital markets.

IIROC carries out its regulatory responsibilities through setting and enforcing rules regarding the proficiency, business and financial conduct of dealer firms and their registered employees and through setting and enforcing market integrity rules regarding trading activity on Canadian 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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