A Hearing Panel of the Investment Dealers Association of Canada has fined RBC Dominion Securities Inc. $80,000 for failing to maintain its risk adjusted capital at a level greater than zero.

On Nov. 27, the panel considered, reviewed and accepted a settlement negotiated between staff of the IDA’s enforcement department and RBC DS.

RBC DS admitted that during the months of June, July, September and October 2005, it failed to notice or report capital deficiencies, including a $420-million deficiency in June 2005.

RBC DS has been fined $80,000 and must pay $10,000 in costs.

For a complete summary of facts, please see IDA Bulletin 3590.