The Investment Industry Regulatory Organization of Canada has fined a Toronto rep $50,000 for failing to give priority to other client orders in a bond offering, among other policy contraventions.

Following a disciplinary hearing on May 25 and Oct. 27, 2011, an IIROC hearing panel found Julian Pope committed the following violations on April 4, 2008, when he was a registered representative with the Toronto branch of HSBC (Canada) Inc.:

  • he participated in a bond offering by purchasing bonds into his firm’s inventory account, through a client, thereby failing to give priority to other client orders for the same bond offering; and
  • in the connection with the bond offering, he failed to act fairly, honestly and in good faith when executing and administering trades in the Domestic Debt Market by entering into an arrangement with a client whereby the client agreed to purchase bonds of the upcoming offering on behalf of the Pope’s inventory account.


The panel fined Pope a total of $50,000 for the contraventions and ordered him to re-write the Conduct & Practices Handbook Course and the Trader Training Course by April 20. He was also ordered to pay costs in the amount of $15,000.

IIROC formally initiated the investigation into Pope’s conduct in September 2008. He is currently registered with Desjardins Securities Inc.