IN THE MATTER OF Douglas Charles Allan - Discipline Hearing
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Investment Industry Regulatory Organization of Canada (IIROC) - General NewsAug 14, 2013, 17:37 ET
CALGARY, Aug. 14, 2013 /CNW/ - A hearing has been scheduled before a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) in the matter of Douglas Charles Allan.
The hearing concerns allegations that Mr. Allan failed in his know your client obligations and failed to ensure that recommendations were suitable for his client.
The hearing is open to the public, unless the Panel orders otherwise. The decision of the Hearing Panel 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: | October 15 - 17, 2013 at 10:00 a.m. | |||
| Location: |
Calgary TELUS Convention Center 120 9th Ave. SE North Building, Main Floor Room: Telus 104 |
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Specifically, the allegations are that:
| a) | Between February 2008 and September 2011, Mr. Allan failed to use due diligence to learn and remain informed of the essential facts relative to his client, contrary to Dealer Member Rule 1300.1(a) (Investment Dealer Association bylaw 1300.1(a) prior to June 1, 2008); and |
| b) | Between February 2008 and September 2011, Mr. Allan made unsuitable recommendations in the account of his client, contrary to Dealer Member Rule 1300.1(q) (Investment Dealer Association by-law 1300.1 (q) prior to June 1, 2008). |
IIROC formally initiated the investigation into Mr. Allan's conduct in January 2012. The alleged violations occurred when he was a Branch Manager with the Red Deer branch of Retire First Ltd., an IIROC-regulated firm. Mr. Allan is still the Chief Compliance Officer, Ultimate Designated Person, and Registered Representative at Retire First Ltd.
The Notice of Hearing which sets out the allegations is available at: http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=762B4EA17DF7453E8B0ABEB1569CB87D&Language=en.
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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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