Disciplinary Proceedings: In the Matter of Sean Conacher (“Conacher”) (April 6, 2018) DN 18-0073
Facts – Between June 2013 and October 2013, Conacher, the Ultimate Designated Person at Blackwatch Capital Corp., allowed a U.S. based client to enter orders directly on an IIROC-regulated marketplace through a firm inventory account assigned to him. Conacher knew or ought reasonably to have known that permitting the Client to enter orders and execute trades directly to the marketplace through a firm inventory account would result in a failure to comply with applicable regulatory requirements.
Disposition – Pursuant to a Settlement Agreement, Conacher admitted that he permitted trades to be executed that he knew or ought reasonably to have known would not comply with applicable regulatory requirements, contrary to UMIR 2.3.
Requirements Considered – Rule 2.3.
Sanction – Conacher agreed to pay a fine of $15,000, to a suspension of access to IIROC-regulated marketplaces for 3 months, and to pay costs in the amount of $2,000.