IN THE MATTER OF Jean-François Lemay - Discipline Hearing
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Investment Industry Regulatory Organization of Canada (IIROC) - General NewsMar 05, 2012, 03:34 ET
MONTREAL, March 5, 2012 /PRNewswire/ - A hearing has been scheduled before a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC), in the matter of Jean-François Lemay.
The hearing concerns allegations that Mr. Lemay entered buy and sell orders on the TSX Venture Exchange (TSXV) and Over-the-Counter Bulletin Board (OTCBB) when he knew that identical buy and sell orders were being entered simultaneously, with no change of beneficial ownership, creating fictitious buy and sell transactions involving the same securities.
The hearing is open to the public, unless the panel orders otherwise. The decision 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: | April 11 and 12, 2012, at 10 a.m. | |||||
| Location: | Centre Mont-Royal | |||||
| 2200 Mansfield Street, Montréal | ||||||
| Salle Mansfield 2 |
Specifically, the allegations are that Mr. Lemay:
| (a) | entered orders or executed trades on the TSX Venture Exchange (TSXV) and on a quotation and trade reporting system (Over the Counter Bulletin Board - OTCBB) when he knew, or should reasonably have known that entering such orders or executing the trades had created or could reasonably be expected to create a false or misleading appearance of trading activity in the security, contrary to UMIR Rule 2.2(2) (a) and to Policy 2.2, and UMIR Rule 10.4. |
IIROC formally initiated the investigation into Mr. Lemay's conduct in August 2009. The alleged violations occurred when he was a representative with the Montréal branch of Union Securities Ltd., an IIROC-regulated firm. Mr. Lemay is no longer a registrant with an IIROC-regulated firm.
The Notice of Hearing which sets out the allegations is available at
http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=CA25AC727DB545168EF88DC1388D9B54&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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