A regulator has formally ordered troubled Toronto investment dealer Dominick Capital Corp. to cease dealing with the public.

Following a hearing in Toronto on Aug. 16, a hearing panel of the Investment Industry Regulatory Organization of Canada (IIROC) issued an order suspending Dominick Capital from the self-regulatory organization.

IIROC staff sought the firm’s suspension after it fell into capital deficiency and failed to rectify the shortfall. The firm consented to the regulator’s action, which is effective Aug. 16.

Along with suspending the firm, the order also requires that the firm cease dealing with the public; facilitate the transition of its retail clients to its carrying broker, Laurentian Bank Securities, or to another new dealer (if a client requests that); and get approval from IIROC before repaying any debts or depleting its capital, among other restrictions.