IIROC announces discipline against Magna Partners

August 6, 2010 (Toronto, ON) — The Investment Industry Regulatory Organization of Canada (IIROC) and Magna Partners Ltd. have an agreed statement of allegations in which Magna Partners admitted to two violations of best price obligation rules.

IIROC and Magna partners have not agreed on an appropriate penalty. A hearing has been scheduled before an IIROC Hearing Panel to set a date to determine the penalty.

The set date hearing is open to the public, unless the panel orders otherwise. The date for the penalty hearing will be published when it becomes available.

Set Date Hearing: 9:00 am, August 16, 2010

Location: Boardroom 1 at IIROC’s offices 121 King Street West, Suite 1600, Toronto

Specifically, the agreed-to allegations are that between October 2008 and June 2010, while operating as an IIROC-regulated firm, Magna:

(a) failed to make reasonable efforts to ensure that orders were executed at the best price, contrary to Universal Market Integrity Rules 5.2;

(b) failed to have adequate policies and procedures in place in order to ensure reasonable efforts were made to execute orders at the best price, contrary to UMIR 7.1.

IIROC began investigating the conduct of Magna Partners on July 13, 2009. Magna Partners Ltd. is currently an IIROC-regulated firm.

For the full statement of allegations, click here.

(08/06/10)

Staff

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