December 8, 2022 (Toronto, Ontario) – On November 30, 2022, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) accepted a Settlement Agreement, with sanctions, between IIROC staff and R. J. O’Brien & Associates Canada Inc.
R. J. O’Brien & Associates Canada Inc. admitted to failing to adequately supervise one of its registered representatives in relation to nine specific client accounts by failing to maintain adequate records of its supervisory activities in relation to those accounts.
Specifically, R. J. O’Brien & Associates Canada Inc. admitted to the following violation:
- Between February 2016 and February 2018, R.J. O’Brien failed to adequately supervise the activities of one of its Registered Representatives in relation to nine specific Client accounts by failing to maintain adequate records of its supervisory activities in relation to those accounts, contrary to Dealer Member Rules 38.1 and 2500.
Pursuant to the Settlement Agreement, R. J. O’Brien & Associates Canada Inc. agreed to the following penalty:
- a fine in the amount of $90,000.
R. J. O’Brien & Associates Canada Inc. also agreed to pay costs in the amount of $10,000.
The Settlement Agreement is available at:
The Hearing Panel’s decision will be made available at www.iiroc.ca.
IIROC formally initiated the investigation into R. J. O’Brien & Associates Canada Inc.’s conduct in January 2019.
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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 32,000 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:
11/25/21IIROC to Hold Disciplinary Hearing for R. J. O’Brien & Associates Canada Inc.Type: Enforcement NoticeSubtype: Hearing
12/08/22IIROC Sanctions R. J. O’Brien & Associates Canada Inc.Type: Enforcement NoticeSubtype: Decision