The Investment Industry Regulatory Organization of Canada has fined Portfolio Strategies Securities Inc. (PSS) $40,000 for supervisory failings.
On June 18, an IIROC hearing panel accepted a settlement agreement between IIROC staff and PSS. The firm admitted it failed to designate a supervisor qualified to supervise options trading at the firm for approximately 11 months from December 2009 to November 2010.
PSS also admitted failed to supervise the activities of an individual working in the corporate finance department for approximately nine months from March to December 2010.
PSS agreed to $40,000 fine and to pay costs in the amount of $3,500.
IIROC formally initiated the investigation into the firm’s conduct in March 2011. The conduct occurred while it was an IIROC-regulated firm, and continues to be registered as such.