8213. Monitor

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    1. If a hearing panel appoints a Monitor under section 8209 or section 8212 with respect to the business and affairs of a Dealer Member, the Monitor has authority to supervise and monitor the Dealer Member’s business and affairs in accordance with the terms and conditions imposed by the hearing panel.

    2. A hearing panel may impose any terms and conditions, and any time periods, on a Monitor’s authority with respect to a Dealer Member’s business and affairs that the hearing panel considers appropriate, including authority to:

      1. enter the Dealer Member’s premises and conduct day‑to‑day monitoring of the Dealer Member’s business activities,

      2. monitor and review accounts receivable, accounts payable, client accounts, margin, client free credits, banking arrangements and transactions, trading conducted by the Dealer Member for clients and for its own account, payment of debts, creation of new debt and the Dealer Member’s books and records,

      3. make copies of any records or other documents and provide copies of such records and documents to IIROC or any other regulatory or self‑regulatory authority,

      4. report the Monitor’s findings or observations, on an ongoing or other basis, to IIROC or any other regulatory or self‑regulatory authority,

      5. monitor the Dealer Member’s compliance with any terms or conditions imposed on the Dealer Member by IIROC or any other regulatory or self‑regulatory authority or by the hearing panel, including compliance with any early warning terms and conditions,

      6. verify and assist with the preparation of any regulatory filings, including the calculation of risk adjusted capital,

      7. conduct or have conducted an appraisal of the Dealer Member’s net worth or a valuation of any of the Dealer Member’s assets,

      8. assist the Dealer Member’s employees in facilitating the orderly transfer of the Dealer Member’s client accounts, and

      9. pre-authorize cheques issued or payments made by or on behalf of the Dealer Member or distribution of any of the Dealer Member’s assets.

    3. A Dealer Member must cooperate with the Monitor, require its employees, partners, Directors and officers to cooperate with the Monitor and take all reasonable steps to have its affiliates and service providers cooperate with the Monitor with respect to the exercise by the Monitor of its authority under this section.

    4. The Dealer Member must pay all expenses relating to a Monitor appointed to monitor the Dealer Member’s business and affairs, including the Monitor’s fees.

    5. IIROC staff, a Monitor, or a Dealer Member subject to a Monitor may at any time apply to a hearing panel for directions concerning the Monitor’s authority or the conduct of the Monitor’s activities.

    6. On an application under subsection 8213(5), a hearing panel may make any order it considers appropriate.

    There is no history log for this rule.

    There is no history log for this rule.