September 28, 2021 (Toronto, Ontario) – An appearance has been scheduled before a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) for the purpose of setting a date for the disciplinary hearing in the matter of Howard Tsao.
The discipline hearing concerns allegations that Mr. Tsao engaged in an outside business activity and failed to cooperate with Enforcement Staff.
The set date appearance is open to the public, unless the Hearing Panel orders otherwise. Members of the public who would like to attend the hearing may contact IIROC’s National Hearing Officer at [email protected] in advance of the hearing to obtain further details. The date for the discipline hearing will be made available at www.iiroc.ca.
Set Date Appearance: The hearing will be held by way of videoconference on November 26, 2021 at 10:00 a.m.
Specifically, the allegations are that:
- Between June 2017 and February 2020, Mr. Tsao engaged in an outside business activity by serving as Treasurer and Board Member for three condominium corporations for which he was also the Registered Representative and misled his Dealer Member about the activity, contrary to Dealer Member Rule 18.14 and Consolidated Rule 1400.; and
- Between March 2020 and October 2020, the Mr. Tsao failed to cooperate with Enforcement Staff who were conducting an investigation, contrary to section 8104 of Consolidated Rule 8100.
IIROC formally initiated the investigation into Mr. Tsao’s conduct in May 2020. The alleged violations occurred while he was a Registered Representative with the Vaughan branch of RBC Dominion Securities Inc., an IIROC-regulated firm. Mr. Tsao is no longer a registrant with an IIROC-regulated firm.
The Notice of Hearing and Statement of Allegations which sets out the allegations is available at:
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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.
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.
IIROC is the pan-Canadian self-regulatory organization that oversees all investment dealers and their trading activity in Canada's debt and equity markets. IIROC sets high quality regulatory and investment industry standards, protects investors and strengthens market integrity while supporting healthy Canadian capital markets. IIROC carries out its regulatory responsibilities through setting and enforcing rules regarding the proficiency, business and financial conduct of 174 Canadian investment dealer firms of varying sizes and business models, and their more than 31,000 registered employees. IIROC also sets and enforces market integrity rules regarding trading activity on Canadian debt and equity marketplaces. For more information,visit www.iiroc.ca.
Other Notices associated with this Enforcement Proceeding:
01/25/22IIROC to Hold Disciplinary Hearing for Howard TsaoType: Enforcement NoticeSubtype: Hearing
03/23/22IIROC to Hold a Settlement Hearing for Howard TsaoType: Enforcement NoticeSubtype: Hearing
04/01/22IIROC Sanctions Former Toronto Investment Advisor Howard TsaoType: Enforcement NoticeSubtype: Decision