The Investment Industry Regulatory Organization of Canada (IIROC) will hold an expedited hearing Thursday in Winnipeg to consider the suspension of Jory Capital Inc., which has recently had its registration suspended by a number of securities commissions.
IIROC staff will be seeking an order suspending Jory’s membership in the self-regulatory organization.
The firm already had its registration suspended by the securities commissions of Manitoba, Saskatchewan, Alberta, and British Columbia on November 22; and, on December 6, it was also suspended by the Ontario Securities Commission (OSC).
According to an IIROC notice, along with an order that Jory’s membership with IIROC be immediately suspended; it will also be pursuing an order that the firm immediately cease dealing with the public; requiring it to maintain and preserve all of its books and records; and, allowing IIROC staff to take action to facilitate the orderly transfer of Jory’s clients to another dealer.
In addition to the fact that various securities commissions have suspended its registration, IIROC also reports that since October 29, Jory’s risk-adjusted capital (RAC) has been less than zero; and, it says that on Nov. 29, Jory informed IIROC that it wishes to withdraw its membership in the SRO.