Monday, January 24, 2011

Fines of $ 280 000 for National Bank Financial

National Bank Financial (NBF) will pay a sum of $ 280 000 because it has not complied with its trading supervision obligations and rules on the audit trail with respect to two representatives. The subsidiary of National Bank (NA) agreed to pay a fine of $ 250 000 and $ 30,000 U.S. dollars for costs incurred by the Organization of Canada Trade (IIROC), which conducted an investigation on activities that occurred between April 2006 and June 2007.
The decision was made on January 11 last, but did IIROC published last Friday.
Financial admitted failing to comply with its obligations to oversee the negotiations regarding the activities of two representatives at the Halifax branch, Paul Clarke and Todd O'Reilly.
NBF also acknowledged failing to record information relating to the audit trail, such as customer account number, price or quantity orders.
Among the aggravating factors, IIROC has raised the fact that FBN was informed in May 2006 that there were several problems relating to the audit trail to its Halifax office and office of negotiations in Montreal. However, problems have been solved in 2009.
In addition, National Bank Financial has not benefited from these problems.
The two representatives Clarke and O'Reilly have also been prosecuted for failing in their obligation to carry out their transactions in demonstrating transparency and fairness.
Mr. Clarke has agreed to pay a fine of $ 110 000 and costs $ 5000, while Mr. O'Reilly will be fined $ 15 000 and a sum of $ 2,500 in fees.

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