Despite all of the doom and gloom about the prospects for small dealers in Canada, the Investment Industry Regulatory Organization of Canada (IIROC) announced the admission of two new firms Thursday.
IIROC says that two new firms, Vaughn, Ont.-based PACE Securities Corp. and West Vancouver-based Harbourfront Wealth Management, have both been approved for membership with the self-regulatory organization.
At the same time, IIROC also announced that Peregrine Financial Group Canada Inc. has formally resigned its membership, effective June 27. And, Versant Partners Inc. has also had its inactive status extended until September 12.
Peregrine was suspended last summer when the firm’s U.S. parent company declared bankruptcy amid revelations of a massive shortfall in client accounts.
Most of Versant, including its sales and trading, research and investment banking teams, were acquired by Cantor Fitzgerald Canada Corp. last fall.