Enforcement Notice Hearing - IN THE MATTER OF Paul Milot - Settlement Hearing

MONTRÉAL, Oct. 21, 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 Paul Milot.

The Settlement Agreement concerns allegations that Mr. Milot failed to use due diligence to obtain sufficient knowledge of the features and risks inherent in leveraged Exchange-Traded Funds (ETFs) before recommending their purchase to one of his clients, and that he failed to ensure that his recommendations to buy, sell or hold securities were suitable for this client.

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 â€" including Reasons and Decisions of Hearing Panels â€" are posted on the IIROC website as they become available. Click here to search and access all IIROC enforcement documents.

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Hearing date: Â Â Â Â Â Â Â Â Â      October 31, 2014, at 10:00 a.m.
                                                                    
Location:Â Â Â Â Â Â Â Â Â Â Â Â Â Â Centre Mont-Royal              
                                     2200, Mansfield Street         
                                     Montréal, Québec             

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IIROC formally initiated the investigation into Mr. Milot's conduct in January 2013. The alleged violations occurred when Mr. Milot was a Registered Representative at the Montreal branch of Industrial Alliance Securities Inc., an IIROC-regulated firm. Mr. Milot is still within the industry in a registered capacity at the Varennes sub-branch of Industrial Alliance Securities Inc.

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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