8210. Sanctions for Regulated Persons other than Dealer Members

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    1. If after a hearing, a hearing panel finds that an Approved Person, a non-Dealer Member user or subscriber of a Marketplace for which IIROC is the regulation services provider or an employee, partner, director or officer of such a user or subscriber 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 on such person 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 person, directly or indirectly, as a result of the contravention,

      4. suspension of the person’s approval or any right or privilege associated with such approval, including access to a Marketplace, for any period of time and on any terms and conditions,

      5. imposition of any terms or conditions on the person’s continued approval or continued access to a Marketplace,

      6. prohibition of approval in any capacity, for any period of time, including access to a Marketplace,

      7. revocation of approval,

      8. a permanent bar to approval in any capacity or to access to a Marketplace,

      9. a permanent bar to employment in any capacity by a Regulated Person, and

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

    2. A sanction imposed under subsection 8210(1) relating to access to a Marketplace applies to all Marketplaces.

    3. A director or officer of a Regulated Person may be sanctioned under subsection 8210(1) based on the conduct of the Regulated Person with which he or she is associated.

    4. A Regulated Person must not employ, hire, retain, or otherwise engage, in any capacity, a person who is sanctioned under clause 8210(1)(ix).

    There is no history log for this rule.

    There is no history log for this rule.