Enforcement penalties will be used to help fund the new SRO
Software updates caused various issues undermining market oversight
An IIROC hearing panel also permanently banned the former Toronto-area rep
SRO committees focus on market regulation, fixed-income trading issues
Fines, disgorgement and costs orders all rose, the latest enforcement report shows
Industry veterans are taking on new roles, including Andrew Kriegler with the forthcoming new SRO and Morningstar's Michael Jantzi
Regulators are also forming a new advisory committee to review SRO consolidation
It remains up to regulators to act on long-standing recommendation
The penalty follows allegations that he deceived lenders with fake collateral
The SRO alleged the firm sought new issue allocations for its own account