September 3, 2021 (Vancouver, BC) – On August 12, 2021, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) accepted a Settlement Agreement, with sanctions, between IIROC Staff and Kamal Lidder.
Mr. Lidder admitted he engaged in discretionary trading in several clients’ accounts and distributed sales and marketing materials to his clients, which his firm did not approve.
Specifically, Mr. Lidder admitted to the following violations:
- Between February 2018 and April 2019, he executed discretionary transactions in clients’ accounts, contrary to Dealer Member Rule 1300.4.
- Between February 2018 and April 2019, he prepared sales literature that contained performance summaries to inform clients. The sales literature was not approved by the supervisor prior to being sent to clients, contrary to Dealer Member Rule 29.7(3).
Pursuant to the Settlement Agreement, Mr. Lidder agreed to the following penalty:
- Payment of fine of $15,000; and
- Costs of $2,000
The Settlement Agreement is available at:
IIROC formally initiated the investigation into Mr. Lidder’s conduct in January 2020. The conduct occurred while he was a Registered Representative with the Vancouver branch of BMO Nesbitt Burns Inc., an IIROC-regulated firm. Kamal Lidder is currently in the industry in a registered capacity with the Vancouver branch of Canaccord Genuity Corp.
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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 175 Canadian investment dealer firms of varying sizes and business models, and their more than 30,000 registered employees. IIROC also sets and enforces market integrity rules regarding trading activity on Canadian debt and equity marketplaces.