8209. Sanctions for Dealer Members

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    1. If, after a hearing, a hearing panel finds that a Dealer Member has contravened IIROC requirements, securities laws, or other requirement relating to trading or advising in respect of securities, futures contracts, or derivatives, the hearing panel may impose one or more of the following sanctions

      1. a reprimand,

      2. disgorgement of any amount obtained, including any loss avoided, directly or indirectly,  as a result of the contravention,

      3. a fine not exceeding the greater of:

        1. $5,000,000 for each contravention, and

        2. an amount equal to three times the profit made or loss avoided by the Dealer Member, directly or indirectly, as a result of the contravention,

      4. suspension of Membership in IIROC or of any right or privilege associated with Membership, including a direction to cease dealing with clients, for any period of time and on any terms and conditions,

      5. imposition of any terms or conditions on the Dealer Member’s continued Membership, including on access to a Marketplace,

      6. expulsion from Membership and termination of the rights and privileges of Membership, including access to a Marketplace,

      7. permanent bar to membership in IIROC,

      8. appointment of a Monitor, and

      9. any other sanction determined to be appropriate under the circumstances.

    2. A Dealer Member may be sanctioned under subsection 8209(1) based on the conduct of an employee, partner, Director or officer.

    3. A sanction imposed under subsection 8209(1) relating to access to a Marketplace applies to all Marketplaces.

    There is no history log for this rule.

    There is no history log for this rule.