The Investment Industry Regulatory Organization of Canada has fined Pope & Co. Ltd. $30,000 for violating trading rules.
On February 28, an IIROC hearing panel accepted a settlement agreement with the company.
Pope & Co. admitted that between December 2008 and January 2011 it failed to comply with its best price obligation. Specifically, the company admitted it failed to make reasonable efforts to ensure that orders were executed at the best price, and failed to have adequate policies and procedures in place to ensure reasonable efforts were made to execute orders at the best price.
Pope & Co. agreed to pay a $30,00 fine to IIROC and
also agreed to pay $5,000 in costs.
IIROC formally initiated the investigation into Pope & Co’s conduct in November 2010.