Vancouver (British Columbia), December 28, 2023 – On December 20, 2023, a hearing panel of the Canadian Investment Regulatory Organization (CIRO) accepted a settlement agreement, with sanctions, between Enforcement Staff and Canaccord Genuity Corp. (Canaccord).
Canaccord admitted that from January 2017 to March 2021, it failed to comply with its trading supervision obligations to maintain a system of risk management and supervisory controls, policies and procedures that are reasonably designed to ensure compliance with the applicable Rules and Policies, as they relate to market access by some of its direct electronic access clients.
Pursuant to the settlement agreement, Canaccord agreed to a fine of $ 475,000.
Canaccord also agreed to pay costs in the amount of $25,000.
The Settlement Agreement is available at:
The hearing panel’s decision will be made available at www.ciro.ca.
Canaccord is a CIRO-regulated investment dealer.
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All information about disciplinary proceedings relating to current and former member firms and individual registrants under the Investment Dealer and Partially Consolidated Rules (for investment dealers), the Mutual Fund Dealer Rules (for mutual fund dealers) and the Universal Market Integrity Rules (UMIR) is available on CIRO's website.
Background information regarding the qualifications and disciplinary history, if any, of advisors currently employed by CIRO-regulated investment firms is available free of charge through the AdvisorReport service. Information on how to make dealer, advisor or marketplace-related complaints is available by calling 1-877-442-4322.
CIRO investigates possible misconduct by its member firms and individual registrants. It can bring disciplinary proceedings which may result in sanctions including fines, suspensions, permanent bars, expulsion from membership, or termination of rights and privileges for individuals and firms.
Canadian Investment Regulatory Organization (CIRO) is the national self-regulatory organization that oversees all investment dealers, mutual fund dealers and trading activity on Canada’s debt and equity marketplaces. CIRO is committed to the protection of investors, providing efficient and consistent regulation, and building Canadians’ trust in financial regulation and the people managing their investments. For more information, visit www.ciro.ca.