8212. Protective orders

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    1. On application by Enforcement Staff, a hearing panel may hold a hearing to consider a request for an order under subsection 8212(4), following notice to the respondent in accordance with subsection 8426(1).

    2. After a hearing under this section with respect to a Dealer Member, a hearing panel may make one or more of the orders set out in subsection 8212(4), if it finds that:

      1. the Dealer Member or a parent corporation or control person of the Dealer Member has made a general assignment for the benefit of creditors or an authorized assignment or proposal to its creditors, has been declared bankrupt, or is the subject of a winding-up order, an application under the Companies’ Creditors Arrangement Act, R.S.C. 1985, c. C‑36, as amended, or similar legislation or an application for its liquidation or dissolution,

      2. a receiver or receiver‑manager has been appointed in respect of all or part of the Dealer Member’s undertaking or property or all or part of the undertaking or property of a parent corporation or control person of the Dealer Member,

      3. the Dealer Member has tendered its resignation, is not carrying on business as an investment dealer or is in the process of winding up or terminating its business as an investment dealer,

      4. the Dealer Member’s registration as a dealer under securities laws has lapsed or been suspended or terminated,

      5. a securities regulatory authority, Marketplace, SRO or clearing agency has suspended the Dealer Member’s membership or privileges,

      6. the Dealer Member has been convicted of contravening a law relating to theft, fraud, misappropriation of funds or securities, forgery, money laundering, market manipulation, insider trading, misrepresentation or unauthorized trading,

      7. the Dealer Member’s continued operation would create a risk of imminent harm to its clients, investors, other Regulated Persons or IIROC because the Dealer Member:

        1. is in financial or operating difficulty, or

        2. has failed to cooperate in respect of an investigation, or

      8. the Dealer Member has not complied with terms or conditions of a sanction or a prohibition under Part B of Rule 4100 (early warning level 2) to which it is subject.

    3. After a hearing under this section with respect to a Regulated Person, other than a Dealer Member, a hearing panel may make one or more of the orders set out in subsection 8212(4), if it finds that:

      1. the person’s registration under securities laws has lapsed or been suspended or terminated,

      2. a securities regulatory authority has made an order prohibiting the person from trading in securities, acting as a director or officer of a market participant or as a promoter, or engaging in investor relations activities, or has denied the person the use of an exemption under securities laws, 

      3. a Marketplace, SRO or clearing agency has suspended the person or the person’s privileges, 

      4. the person has been convicted of contravening a law relating to theft, fraud, misappropriation of funds or securities, forgery, money laundering, market manipulation, insider trading, misrepresentation or unauthorized trading,

      5. the person’s continued approval would create a risk of imminent harm to clients, investors, other Regulated Persons or IIROC because the person has failed to cooperate in respect of an investigation, or

      6. the person has not complied with terms or conditions of a sanction to which the person is subject.

    4. After a hearing under this section, a hearing panel may make an order:

      1. suspending membership, approval or access to a Marketplace on any terms and conditions,

      2. with terms and conditions, requiring a Dealer Member that is suspended under this section to take steps to facilitate the orderly transfer of its client accounts to another Dealer Member,

      3. imposing terms and conditions on continued membership, approval or access to a Marketplace,

      4. directing immediate cessation of any or all dealing with clients or any other persons,

      5. expelling a Dealer Member from IIROC and terminating the rights and privileges of Membership,

      6. revoking approval or access to a Marketplace, or

      7. appointing a Monitor over a Dealer Member’s business and affairs.

    5. A person may request, in writing, a review by a hearing panel of a decision made after a hearing under this section, within 30 days after the effective date of the decision.

    6. A hearing shall be held as soon as practicable, and no later than 21 days, after a review is requested under subsection 8212(5), unless the person requesting the review and Enforcement Staff agree otherwise.

    7. A member of a hearing panel whose decision is the subject of a review under this section may not be a member of the hearing panel on the review.

    8. A hearing panel may stay an order made under subsection 8212(4), subject to any terms and conditions it considers appropriate.

    9. On a review under this section, a hearing panel may:

      1. affirm the order,

      2. quash the decision,

      3. vary the decision or order, or

      4. make any order authorized by subsection 8212(4).

    There is no history log for this rule.

    There is no history log for this rule.