Enforcement Notice - Hearing - In The Matter of PACE Securities Corp.'s former Chief Executive Officer and former Chief Compliance Officer - Adjournment

By Benzinga13 days ago

AD

TORONTO, Jan. 14, 2021 /CNW/ - A hearing was originally scheduled to commence before a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) in the matters of Joseph Anthony Thomson and Douglas Gerald McRae, of PACE Securities Corp. (“PSC“), on February 1, 2021. The hearing has been adjourned and a further appearance has been scheduled to set a date for the discipline hearing.

The discipline hearing concerns allegations that:

    1. Between June 2017 and June 2019, Mr. Thomson, the Ultimate Designated Person (the “UDP“) of PSC, failed to identify and address existing and potential material conflicts of interest in a fair, equitable and transparent manner, and consistent with the best interests of PSC's clients, contrary to Dealer Member Rule 42;
    2. Between June 2017 and June 2019, Mr. Thomson failed to ensure that investments in two proprietary products, Pace Financial Ltd. and First Hamilton Holdings Inc., for which he was the portfolio manager, were made in accordance with the objectives set out in the applicable Offering Memorandum, contrary to Consolidated Rule 1400;
    3. Between June 2017 and June 2019, Mr. Thomson, as UDP, failed to supervise the activities of PSC to ensure compliance with IIROC requirements and failed to use due diligence to ensure that orders accepted and recommendations made were suitable for clients and within ...

Full story available on Benzinga.com

Continue read on benzinga.com