The Ontario Superior Court of Justice Divisional Court has dismissed an appeal brought by former Scotia Capital Inc. trader David Berry, the Investment Industry Regulatory Organization of Canada reported Monday.

In a decision handed down November 26, the court also awarded $15,000 in costs to Market Regulation Services Inc. (RS), which is now part of IIROC.

In a decision dated Feb. 29, 2008, a hearing panel of Market Regulation Services found that the Universal Market Integrity Rules (UMIR) are enforceable against Berry.

Berry subsequently applied to the Ontario Securities Commission (OSC) for a hearing and review of the RS decision.

On Sept. 23, 2009, the OSC dismissed Berry’s application. Berry then appealed the OSC decision to the Ontario Superior Court of Justice Divisional Court.

The alleged UMIR violations occurred between June 2004 and April 2005, when Berry was a registered representative with Scotia Capital Inc., an IIROC-regulated firm. IIROC began its formal investigation into Berry’s conduct in June 2005. He is no longer registered with an IIROC-regulated firm.

IE