The Pacific District Council of the Investment Dealers Association of Canada has imposed a disciplinary penalty on Gwendolyn Chan, at the relevant times an employee of CIBC Wood Gundy Ltd., now CIBC World Markets Inc.

Under the settlement agreement reached Dec. 12, 2002, Chan admitted that she made unsuitable recommendations for two client accounts and that she failed to confirm the appropriateness of a distribution of a certain security.

The Pacific District Council agreed to a formal reprimand as discipline penalty against Chan, but deleted the requirement in the settlement agreement that she reimburse the IDA for a portion of its investigation costs.

Chan has delayed her retirement in part to continue making restitution payments to the CIBC World Markes, which had made full restitution to the clients involved.

For a complete summary of facts, please see IDA Bulletin No. 3109 at www.ida.ca.