High angle view of mallet eyeglasses legal book in courtroom
andreypopov/123RF

The Investment Industry Regulatory Organization of Canada (IIROC) has suspended PACE Securities Corp., which is in the process of being wound up.

An IIROC hearing panel granted an order sought by the self-regulatory organization’s staff, which suspends the firm from membership in the industry SRO, effective immediately.

IIROC staff sought the suspension after the Ontario Superior Court of Justice issued an order directing the firm to be wound up, and appointing Ernst & Young Inc. as its liquidator.

PACE consented to the SRO suspension, which requires the firm to immediately cease dealing with the public.

In a letter to PACE Securities clients, EY said that it’s working to transfer the firm’s accounts to a new IIROC dealer “as quickly as possible.” In the meantime, client accounts remains at the firm’s carrying broker, Laurentian Bank Securities (LBS).

Clients can request liquidating trades from LBS, but won’t be able to make new purchases until the accounts have been transferred.