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Assante fined $400,000 over failed Tier 2 supervision

On October 13, 2015, a hearing panel of the Investment Industry Regulatory Organization of Canada accepted a settlement agreement, with sanctions, between IIROC staff and Assante Capital Management Ltd.

In that agreement, Assante admitted that it failed to adequately fulfill its obligations to conduct Tier 2 supervision of its branch located in Red Deer, Alberta, and to supervise that branch to mitigate for potential conflicts of interest on the part of the branch manager.

Specifically, Assante admitted to the following violation:

Between January 2007 and May 2012, Assante failed to adequately fulfill its obligations to conduct Tier 2 supervision of a sub-branch, contrary to IIROC Dealer Member Rule 2500.

Pursuant to the settlement agreement, Assante agreed to the following penalty: a global fine of $400,000.

Assante also agreed to pay costs to IIROC in the amount of $30,000.

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