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.

Read More

Please Login to comment.
Statements and opinions expressed in articles, reviews and other materials herein are those of the authors; the editors and publishers.
While every care has been taken in the compilation of this information and every attempt made to present up-to-date and accurate information, we cannot guarantee that inaccuracies will not occur. FundPage, Inc. will not be held responsible for any claim, loss, damage or inconvenience caused as a result of any information within these pages or any information accessed through this site.
The content of any organizations' websites which you link to from are entirely out of the control of FundPage, Inc., and you proceed at your own risk. These links are provided purely for your convenience. They do not imply FundPage, Inc.’s endorsement of, or association with any products, services, content, information or materials offered by or accessible to you at the organization’s site.
All copyright and trademarks accessible via the links from are owned by the respective website owners, or their licensors.
FundPage shall also have the right to remove any contents posted at any time without cause as FundPage determines in its sole discretion.

My Community

My Friends