On Sept. 4, a hearing panel of the Investment Industry Regulatory Organization of Canada (IIROC) accepted a settlement agreement between IIROC staff and Questrade Inc.

As part of the settlement agreement, Questrade admitted that on May 31 and June 1, 2007, it failed to maintain risk adjusted capital at a level greater than zero and was capital deficient in the sums of $431,000 and $133,000 respectively.

The panel fined Questrade $30,000 and ordered the company to pay costs in the amount of $2,500.

The Investment Dealers Association of Canada (IDA) formally initiated the investigation into the Questrade’s conduct on Aug. 2, 2007. The violations occurred when Questrade was a member of the IDA. The firm is currently a dealer member of IIROC.

The panel said it will issue its reasons and decision in due course.

The settlement agreement is available at www.iiroc.ca.

IE