Market Regulation Services Inc. announced Monday that a disciplinary hearing panel of the TSX Venture Exchange Inc. rejected a settlement agreement concerning Global Securities Corp.

RS will issue a notice of hearing in this matter and hold a disciplinary hearing, date to be announced. The hearing will be open to the public.

The hearing to consider the settlement was held on May 5. The settlement came following allegations that Global breached rules of TSX Venture Exchange predecessors, the Vancouver Stock Exchange and the Alberta Stock Exchange.

Staff of RS and Global negotiated the settlement agreement, which was presented to the hearing panel to determine whether the proposed agreement is reasonable or not. The terms of the proposed agreement were not revealed.