The Investment Industry Regulatory Organization of Canada (IIROC) has fined RBC Dominion Securities $90,000 for failing to supervise one of its reps at its head office in Toronto.

In a settlement accepted Tuesday, RBC DS admitted that from April 2010 to August 2011 it failed to adequately supervise a registered representative and certain of his client accounts when the rep recommended certain inverse exchange-traded funds to clients.

In addition to the fine, RBC DS agreed to pay costs in the amount of $2,500.

IIROC formally initiated the investigation into RBC DS’ conduct in April 2013.

Reasons for the panel’s decision will be made available at a later day.