May 28, 2021 (Montréal, Québec) — Following a hearing held on April 27, 2021, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) rejected the motion filed by Philippe Bélisle. The motion sought to stay the enforcement proceedings against him.
The translated version of this decision will be posted when it becomes available.
The motion concerned an enforcement proceeding against Mr. Bélisle related to allegations that he appropriated a client’s funds for his personal use. It is also alleged that Mr. Bélisle executed unauthorized trades in a client’s account that were inconsistent with good business practices.
The Notice of Hearing and Statement of Allegations are available at:
Bélisle, Philippe - Notice of Hearing and Statement of Allegations
IIROC formally initiated the investigation into Mr. Bélisle’s conduct in March 2017. The alleged violations occurred when Mr. Bélisle was a registered representative at the Montréal Branch of National Bank Financial Inc., an IIROC-regulated firm. Mr. Bélisle is no longer a registrant with an IIROC-regulated firm.
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 is the national 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 more than 170 Canadian investment dealer firms and their more than 29,000 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 of membership 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:
01/18/21IIROC Begins Disciplinary Action Against Former Montréal Investment Advisor Philippe BélisleType: Enforcement NoticeSubtype: Hearing
05/28/21IIROC Hearing Panel Issues Motion Decision in the Matter of Former Montréal Investment Advisor Philippe BélisleType: Enforcement NoticeSubtype: Decision
07/15/21IIROC Hearing Panel Finds Former Montréal Investment Advisor Philippe Bélisle LiableType: Enforcement NoticeSubtype: Decision
07/27/21IIROC to Hold Penalty Hearing for Former Montréal Investment Advisor Philippe BélisleType: Enforcement NoticeSubtype: Hearing