A hearing panel of the Investment Industry Regulatory Organization of Canada has accepted a settlement agreement between IIROC staff and First Canada Capital Partners Inc. and Mark Wiltshire, the firm’s president.

In the settlement, the respondents admitted that between May 2007 and March 2008, they allowed the chief compliance officer of First Canada Capital Partners Inc. to work from home two days a week.

This decision failed to adhere to a condition regarding the implementation of a supervisory structure at First Canada Capital Partners Inc. that was mandated by the IIROC Pacific District Council when it approved a change in ownership at First Canada Capital Partners Inc., breaching IIROC rules.

At a hearing on April 3, the panel imposed a joint fine of $40,00 against First Canada Capital Partners Inc. and Wiltshire.

IIROC formally initiated the investigation into the respondents’ conduct on March 11, 2008. The violations occurred when Wiltshire was the president and ultimate designated person of First Canada Capital Partners Inc.

Wiltshire is currently employed as president and UDP with the Vancouver branch of First Canada Capital Partners Inc.

The hearing panel said it will issue its reasons and decision in due course.

The Settlement Agreement is available at www.iiroc.ca.

IE