A hearing panel of the Investment Industry Regulatory Organization of Canada (IIROC) has ordered Magna Partners Ltd., Toronto-based limited market dealer, to pay a $100,000 fine and $10,000 in costs for to two violations of best price obligation rules.

In an agreed statement, Magna Partners admitted that between October 2008 and May 2010, while operating as an IIROC-regulated firm, it did not make reasonable efforts to have access to the following protected marketplaces: Alpha ATS, CNSX, Omega ATS and Chi-X Canada.

Magna further admitted that it did not have adequate policies and procedures in place to ensure reasonable efforts were made to execute orders at the best price.

The IIROC panel’s decision and reasons on penalty are dated October 28.

Separately, on November 1, Magna Partners filed a request for a hearing and review to the Ontario Securities Commission seeking to review the decision of the IIROC panel

IIROC began investigating the conduct of Magna Partners on July 13, 2009. Magna Partners Ltd. is currently an IIROC-regulated firm.

IE