Chapter 11 - Regulatory Investigations Flashcards
Is a dealer required to open an internal investigation for a former registrant who may have violated legislative rules and or SRO rules?
Yes - firm must conduct internal investigation where it appears that The Firm, any current or Former registrant has violated any rule or policy that deemes it serious.
What is the record retention requirement for IIROC Internal Investigations?
2 Years from the date of completion of the internal investigation.
What is the record retention requirement for IIROC UMIR Internal Investigations ?
7 years from the creation of the record.
Where a Commissions issues a temporary order (where it fears conduct might be harmful to the public) how long does the order last?
Order takes effect Immediately - remains in effect until initial hearing is held - usually within 15days
What is the burden of proof for a Cicil Hearing Process by the Commission?
Standard of a Balance of Probabilities is what the commissions must prove re: allegations.
Under what conditions can Imprisonment Result?
Imprisonment can result only from a conviction in Provincial Court - NOT tom proceedings before a commission.
Do IIROC Warning Letters need to be disclosed on NRD?
NO - warning letters are expressions of staff opinion ONLY and not a formal Finding.
What is the burden of Proof for an IIROC Hearing Panel?
Enforcement must prove its case to a standard lower than criminal court (Beyond Reasonable Doubt) but higher than civil court (balance of probabilities).
What is the maximum $$ Sanction IIROC can impose on Approved Person:
Fine not to exceed $1million per offence or 3x the pecuniary benefit that accrued as a result of the violation - whichever is greater.
What is the maximum $$ Sanction IIROC can impose on Dealer Member:
$5million per offence or 3x pecuniary benefit that accrued as a result of the violation - whichever is greater.
Under what guise/document can IIROC restrict, suspend or revoke a respondents’ access to the marketplace? without hearing….
by Issue of an Interim Order -valid for 15 days.
