October 6, 2021 (Montréal, Québec) – On September 22, 2021, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) accepted a Settlement Agreement, with sanctions, between IIROC Staff and Sylvain Trudel.
Specifically, Mr. Trudel admitted that he executed discretionary trades in March 2019, contrary to IIROC Dealer Member Rule 1300.4.
Under the terms of the settlement agreement, Mr. Trudel agreed to the following penalties:
- a fine of $10,000;
- costs in the amount of $1,000.
The Settlement Agreement dated July 5, 2021 is available at:
The Hearing Panel’s decision will be made available to the public at www.iiroc.ca.
IIROC formally initiated the investigation into Mr. Trudel’s conduct in August 2019. The alleged contravention occurred while Mr. Trudel was a registered representative with the Montréal branch of BMO Nesbitt Burns Inc., an IIROC-regulated firm. Mr. Trudel is still employed in the industry, as a registered individual with the Montréal branch of National Bank Financial Inc., an IIROC-regulated firm.
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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.