IIROC Hearing Panel Issues Motion Decision in the Matter of Former BBS Securities Inc. UDP Bardya Ziaian

Type: Enforcement Notice> Decision


Charles Corlett
Director, Enforcement Litigation
Andrea Zviedris
Manager, Media Relations

October 8, 2020 (Toronto, Ontario) – Following a motion heard on September 23, 2020, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) dismissed Mr. Ziaian’s motion to have the hearing conducted as an Oral Hearing or in the alternative, an order permanently staying this proceeding.

The Hearing Panel’s decision dated September 24, 2020 and reasons dated October 5, 2020 are available at:
Ziaian, Bardya – Hearing Panel's decision

The motion relates to a disciplinary proceeding against Mr. Ziaian, which alleges that he engaged in improper trading activity by obtaining allocations of new issues for the purpose of proprietary trading and not for the purpose of allocating the new issues to clients of BBS Securities Inc.

Mr. Ziaian has filed a notice of application to the Ontario Securities Commission for a hearing and review of the motion decision. The application will be heard by the Ontario Securities Commission on November 12, 2020.  The discipline hearing originally scheduled to commence October 13, 2020 has been adjourned to a date to be determined.

The hearing is open to the public, unless the Panel orders otherwise. Members of the public who would like to attend the motion or the hearing should contact IIROC’s National Hearing Coordinator at [email protected] to obtain the details.

The Notice of Hearing and Statement of Allegations which sets out the allegations is available at:
Ziaian, Bardya – Notice of Hearing and Statement of Allegations

Documents related to ongoing IIROC enforcement proceedings – including Reasons and Decisions of Hearing Panels – are posted on the IIROC website as they become available. Click here to search and access all IIROC enforcement documents.

IIROC formally initiated the investigation into Mr. Ziaian’s conduct in May 2015. The alleged violations occurred while he was a Registered Representative at BBS Securities Inc., an IIROC-regulated firm. Mr. Ziaian is no longer a registrant with an IIROC-regulated firm.

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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 175 Canadian investment dealer firms and their nearly 30,000 registered employees, the majority of whom are commonly referred to as investment advisors. IIROC also sets and enforces market integrity rules regarding trading activity on Canadian debt and 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.


Other Notices associated with this Enforcement Proceeding: