IIROC has released its reasons for the decision (dated January 14, 2016; posted on IIROC’s website January 26, 2016). They include:

  • serious lack of accounting and reporting controls and risk management resulting in misstatements of risk-adjusted capital;
  • failure to contain confidential information;
  • failure to establish an effective supervisory structure with respect to client accounts and employee activities;
  • failure to establish adequate written policies and procedures;
  • an undisclosed conflict of interest; and
  • failure to meet anti-laundering requirements.


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