OSC to hear ex branch manager’s appeal

first_img Back in June, an IIROC hearing panel ordered that Bryan Vickers be suspended for six months, fined $30,000, and that he re-write the supervisor’s course before being re-approved as a branch manager. According to the application for a review by the OSC, Vickers is seeking that the penalty be reduced to no suspension and a $15,000 fine (he doesn’t oppose the exam requirement). Vickers and IIROC staff agreed to a statement of facts in the case, but not the penalty, which was imposed after a hearing. Now, the rep’s counsel argues that the panel made a number of errors in reaching its sanctions decision, including that the panel improperly considered a staff guidance note issued by IIROC on the suitability of leveraged and inverse ETFs, and the funds’ prospectuses — neither of which were addressed in the agreed statement of facts. It also claims that the sanctions “are disproportionate to the conduct [which, it says] does not warrant any period of suspension and does not warrant a fine of $30,000.” The application also claims that the panel failed to provide adequate reasons for its decision with respect to sanctions. Keywords Branch managers,  EnforcementCompanies Investment Industry Regulatory Organization of Canada, Ontario Securities Commission Related news Share this article and your comments with peers on social media The Ontario Securities Commission (OSC) will hear an appeal of a penalty handed down by a hearing panel of the Investment Industry Regulatory Organization of Canada (IIROC), from a former branch manager who argues that the sanctions imposed against him are too severe. The OSC said Tuesday it will hold a hearing on Dec. 16 to hear an appeal of a penalty decision, that was handed down earlier this year, against a rep who admitted that, when he was a branch manager, he failed to properly supervise a rep in connection with the sale of inverse exchange-traded funds (ETFs). BFI investors plead for firm’s salecenter_img IE Staff Mouth mechanic turned market manipulator PwC alleges deleted emails, unusual transactions in Bridging Finance case Facebook LinkedIn Twitterlast_img read more