March 23, 2022 (Toronto, Ontario) – A hearing has been scheduled before a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) to consider whether the panel should accept a Settlement Agreement entered into between IIROC staff and Howard Tsao.
The Agreement concerns conduct involving engagement in an outside business activity and failure to cooperate with Enforcement Staff.
The hearing is not open to the public, but will become open in the event that the panel accepts the agreement. 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. If the agreement is accepted, the Panel’s decision and the Settlement Agreement will be made available at www.iiroc.ca.
Hearing Date: The hearing will be held by way of videoconference on March 29, 2022 at 9:00 a.m.
IIROC formally initiated the investigation into Mr. Tsao’s conduct in May 2020. The first alleged violation occurred while he was a Registered Representative with the Vaughan branch of RBC Dominion Securities Inc., an IIROC-regulated firm. The second alleged violation occurred while he was no longer a registrant with an IIROC-regulated firm. Mr. Tsao is currently not registered with an IIROC-regulated firm.
The Notice of Motion announcing the settlement hearing 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:
09/28/21IIROC Begins Disciplinary Action Against Former Toronto Investment Advisor 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