Enforcement Notice - Hearing - IIROC to Hold Settlement Hearing for Former Chief Compliance Officer Patrick John Lilly

TORONTO, June 5, 2020 /CNW/ - A Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) will consider whether to accept a Settlement Agreement entered into between IIROC staff and Patrick John Lilly.

The Agreement concerns an allegation that Mr. Lilly failed to disclose and obtain approval for an outside business activity.

The hearing is not open to the public but will become open if and when the Panel accepts the agreement. Members of the public who are interested to attend the hearing may contact IIROC's National Hearing Coordinator at [email protected] in advance of the hearing to obtain further details. If the agreement is accepted, the Reasons for Decision and the Settlement Agreement will be made available at www.iiroc.ca.

Hearing Date: The hearing will be held by way of videoconference on June 10, 2020 at 10:00 a.m.

IIROC formally initiated the investigation into Mr. Lilly's conduct in July 2018. The alleged violation occurred while he was the Chief Compliance Officer with the Toronto branch of Dominick Capital Corporation, an IIROC-regulated firm. Mr. Lilly is no longer a registrant with an IIROC-regulated firm.

The Notice of Motion announcing the settlement hearing is available at:
http://www.iiroc.ca/documents/2020/f5e16484-c7fd-4d26-be80-f40ba1a4abf8_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