June 3, 2021 (Montréal, Québec) – A disciplinary hearing has been scheduled before a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) in the matter of Philippe Bélisle.
The hearing concerns allegations that:
- between February and April 2015, Mr. Bélisle appropriated a client’s funds for his personal use, contrary to IIROC Dealer Member Rule 29.1 and Rule 1400 of the IIROC Consolidated Rules (after September 1, 2016);
- between February 2015 and November 2016, M. Bélisle executed unauthorized trades in a client’s account, contrary to IIROC Dealer Member Rule 29.1 and Rule 1400 of the Consolidated Rules (after September 1, 2016);
- between February 2015 and November 2016, Mr. Bélisle executed trades in a client’s account that were not within the bounds of good business practice, contrary to IIROC Dealer Member Rule 1300.1(o).
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.
The Set Date Appearance is open to the public unless the Panel decides otherwise. Members of the public who wish to attend must contact IIROC’s National Hearing Coordinator at [email protected] for more information.
Appearance Date: The disciplinary hearing will be held by videoconference on June 28 and 29, 2021 at 9:30 a.m.
The Notice of Hearing and Statement of Allegations are available at:
Bélisle, Philippe – Notice of Hearing and Statement of Allegations
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.
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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.
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.
All information about enforcement 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