The Investment Dealer Association’s board has approved further amendments to its by-laws regarding disciplinary hearings. The changes, which are effective October 1, are designed to accommodate small procedural differences in Quebec.

The IDA says that the amendments serve to ensure that By-law 20 meets the requirements of Quebec Law and the Autorité de Marches Financiers for hearings related to Quebec members and approved persons.

For example, while the District Councils of Alberta, Ontario, and the Pacific each appoint a minimum of three public members, one of which shall be a former judge, to their respective Hearing Committees. The Quebec District Council shall appoint a minimum of four public members, two of which shall be former judges, to its Hearing Committee.

Review hearings are presided over by a panel of the board of directors comprised of one independent member of the board and two industry members of the board. Although, in cases involving a Quebec firm, at least two of the members of the board panel shall be from Quebec.

In Quebec, appeal panels will be comprised of three members from Quebec, one of them being a former judge appointed by the Quebec District Council as a public member. And, any hearing required by the present By-law in Quebec should be held in Quebec and the parties can present in French both verbally and in writing.

Finally, in Quebec, any disciplinary or disciplinary appeal panel must be public. However, the panels may order a closed-door hearing or prohibit the publication or release of information or documents in the interest of good morals or public order.