Enforcement Notice - Decision - IN THE MATTER OF Michael Francis O'Brien - Appeal Order
CALGARY, AB, June 30, 2020 /CNW/ - On June 4, 2020, a panel of the Alberta Securities Commission (the "ASC") issued an order (the "Order") changing the penalties imposed on Michael Francis O'Brien.
CALGARY, AB, June 30, 2020 /CNW/ - On June 4, 2020, a panel of the Alberta Securities Commission (the "ASC") issued an order (the "Order") changing the penalties imposed on Michael Francis O'Brien. Mr. O'Brien appealed two IIROC Panel decisions – dated December 31, 2019 and March 26, 2020 – to the ASC.
The Order allows Mr. O'Brien's appeal in part and varies the penalties previously imposed by an IIROC Hearing Panel as follows:
- The suspension is reduced from a period of two years to a period of nine months, commencing March 26, 2020 and ending December 26, 2020; and
- The fine is reduced from $100,000 to $50,000.
The ASC Order confirms all other aspects of the penalties imposed by the IIROC panel, which requires Mr. O'Brien to be subject to strict supervision for the first 18 months following his re-entry to the investment industry, and to rewrite and pass the Conduct and Practices Handbook examination.
The ASC heard the appeal on May 27, 2020.
Links to the ASC Order, IIROC Decisions, and the Notice of Hearing
- The ASC's decision dated June 4, 2020 is available at: https://www.albertasecurities.com/-/media/ASC-Documents-part-1/Notices-Decisions-Orders-Rulings/2020/06/OBRIEN-Michael-Francis-Order.ashx
- The IIROC Hearing Panel's Liability Decision dated December 31, 2019 is available at: https://www.iiroc.ca/documents/2020/e1b980ec-c063-4ceb-a682-60e2fc61550f_en.pdf
- The IIROC Hearing Panel's Penalty Decision dated March 26, 2020 is available at: https://www.iiroc.ca/Documents/2020/f34b2417-2ca8-45b7-8a23-1f5f8973a168_en.pdf
- The Notice of Hearing and Statement of Allegations, is available at: https://www.iiroc.ca/Documents/2019/afef2fc3-8ca8-4da4-97e1-d3da1c921008_en.pdf
Documents related to ongoing IIROC enforcement proceedings – including Reasons and Decisions of Hearing Panels – are posted on the IIROC website as they become available. Click here to search and access all IIROC enforcement documents.
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IIROC is the pan-Canadian self-regulatory organization that oversees all investment dealers and their trading activity in Canada's debt and equity markets. IIROC sets high quality regulatory and investment industry standards, protects investors and strengthens market integrity while supporting healthy Canadian capital markets. IIROC carries out its regulatory responsibilities through setting and enforcing rules regarding the proficiency, business and financial conduct of more than 170 Canadian investment dealer firms and their more than 29,000 registered employees, the majority of whom are commonly referred to as investment advisors. IIROC also sets and enforces market integrity rules regarding trading activity on Canadian debt and equity marketplaces.
IIROC investigates possible misconduct by its member firms and/or individual registrants. It can bring disciplinary proceedings which may result in penalties including fines, suspensions, permanent bars, expulsion from membership, or termination of rights and privileges for individuals and firms.
All information about disciplinary proceedings relating to current and former member firms is available in the Enforcement section of the IIROC website. Background information regarding the qualifications and disciplinary history, if any, of advisors currently employed by IIROC-regulated firms is available free of charge through the IIROC AdvisorReport service. Information on how to make investment dealer, advisor or marketplace-related complaints is available by calling 1 877 442-4322.
SOURCE Investment Industry Regulatory Organization of Canada (IIROC) - General News
