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PEAK Securities Inc.



Terms and Conditions

Decision rendered May 3, 2018

The following terms and conditions are imposed:

  1. Within 30 days from the date of the decision respecting the imposition of these terms and conditions, Peak shall, at its expense, retain the services of a compliance consultant (hereinafter, the consultant) acceptable to IIROC's Director, Member Regulation for Québec.

  2. Peak shall immediately submit to IIROC's Director, Member Regulation for Québec a written authorization giving IIROC's Business Conduct Compliance Staff unrestricted access to the consultant concerning Peak's progress relative to any question in connection with these terms and conditions.

  3. Peak shall ask the consultant to prepare and contribute to the implementation of a plan (hereinafter, the plan) that will enable it to strengthen its supervision system, as well as:
    (a) examine Peak's activities, systems, and internal policies and procedures and formulate recommendations aimed at correcting all the gaps in compliance enumerated in the 2016 report filed by Business Conduct Compliance;
    (b) establish the dates by which Peak must have completely followed through on each of the recommendations, including the dates when the consultant must submit written progress reports (hereinafter, the progress reports) to IIROC's Director, Member Regulation for Québec;
    (c) assist Peak to provide training on the recommendations concerning the supervisory system to all staff in compliance and/or supervisory roles.

  4. Peak's Ultimate Designated Person and Chief Compliance Officer shall examine and approve the plan and the progress reports, and then sign them to attest to their review and approval of these documents.

  5. Peak shall request that the consultant, within 45 days of being retained, submit the plan to IIROC's Director, Member Regulation for Québec, for approval.

  6. The progress reports shall include details on Peak's progress with respect to the implementation of the plan, and shall state whether the recommendations contained in the plan have been applied and, if not, the expected implementation date and the name of the person responsible for the implementation.

  7. The progress reports shall be submitted at least once a month to IIROC's Director, Member Regulation for Québec.

  8. The recommendations mentioned in the plan shall have been implemented no later than nine months after approval of the plan by IIROC's Director, Member Regulation for Québec.

  9. Once implementation of the plan's recommendations has been fully completed, the consultant shall submit to IIROC's Director, Member Regulation for Québec, a letter of attestation signed by the consultant and by Peak, for approval purposes. The letter shall confirm that all of the shortcomings enumerated in the plan have been corrected and that the measures arising from the consultant's recommendations have been implemented, tested and are effective.

  10. Before final approval by IIROC's Director, Member Regulation for Québec, IIROC's Business Conduct Compliance Staff may conduct targeted examinations to ensure that all of the shortcomings enumerated in the plan have been corrected and that the measures arising from the consultant's recommendations have been implemented, tested, and are effective.

  11. Only when IIROC's Director, Member Regulation for Québec has acknowledged receipt of the letter of attestation submitted in accordance with paragraph 9 above, and has given her final approval pursuant to paragraphs 9 and 10, may Peak terminate the consultant's retainer.

  12. Peak may file with IIROC's decision-maker, through the National Hearing Coordinator, a request to amend or lift these terms and conditions. Where applicable, Peak shall send a copy of this request to IIROC's Director, Member Regulation for Québec.