A hearing panel of Investment Industry Regulatory Organization of Canada (IIROC) has disciplined MF Global Canada Co. for failing to keep its Risk Adjusted Capital greater than zero.

On Oct. 27, the panel accepted a settlement agreement between IIROC staff and MF Global. The firm admitted that from Oct. 31, 2006 to Dec, 15, 2006 and from Jan, 4, 2007 to Jan. 24, 2007, it violated an Investment Dealers Association by-law by failing to keep its Risk Adjusted Capital greater than zero.

The panel fined MF Global and ordered it to pay costs in the amount of $5,000.

The IDA formally initiated the investigation into the MF Global’s conduct on May 24, 2007. The violations occurred when the firm was a member of the IDA.

MF Global is currently a dealer member of IIROC.

The panel has not as yet issued its reasons and decision. The settlement agreement is available on the IIROC Web site.