The Canadian Investment Regulatory Organization says it has accepted a settlement with sanctions against Canaccord Genuity Corp. related to trading supervision.<\/p>\n
The regulator said the Canaccord Genuity Group Inc. subsidiary admitted that, from January 2017 to March 2021, it failed to comply with its risk management and controls obligations as they related to market access by some of its direct electronic access clients.<\/p>\n
It said that, as part of the agreement, Canaccord has agreed to a fine of $475,000 and to pay costs of $25,000.<\/p>\n
While tools were in place to monitor wash trades, they were insufficient. Jitney had previously been fined for similar failures<\/a>, the settlement agreement said.<\/p>\n