The Globe and Mail reports in its Friday, Dec. 29, edition that the Canadian Investment Regulatory Organization says it has accepted a settlement with sanctions against Canaccord Genuity related to trading supervision. A Canadian Press dispatch to The Globe reports that the regulator says the Canaccord Genuity Group subsidiary admitted that from January, 2017, to March, 2021, it failed to comply with its risk management and controls obligations as they related to market access by some of its direct electronic access clients. It says that as part of the agreement, Canaccord has agreed to a fine of $475,000 and to pay costs of $25,000. The settlement agreement says the compliance failure was related to two clients who carried out more than 10,000 trades which apparently involved no change in the economic ownership. Known as "wash trades," such buying and selling of a security with no real change of beneficial ownership can be used to mislead investors about the trading volume and interest in a security. Canaccord says it co-operated fully in the investigation that it is pleased to have resolved, and has adopted significant improvement to its trade surveillance capabilities.