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IIROC fines TD Waterhouse Canada $4 million plus costs for disclosure omission

TORONTO — The Investment Industry Regulatory Organization of Canada has fined TD Waterhouse Canada Inc. $4 million for failing to include position cost information in quarterly retail client account statements for certain securities positions.

The Toronto-based company is also required to pay $28,497 in costs for failing to include the details since December 2015.

An IIROC staff submission says the breach of its rule was "a wilful business decision" done without its knowledge and in contravention of its obligations as a member of the self-regulated industry.

IIROC had requested a $5-million fine while TD requested a maximum of $500,000 despite acknowledging the breach.

The decision stems from a disciplinary hearing held in December, more than two years after the regulator initiated an investigation into TD Waterhouse's conduct.

IIROC is the self-regulatory organization that oversees investment dealers and their trading activity in Canada's debt and equity markets.

This report by The Canadian Press was first published March 23, 2020.

Companies in this story: (TSX:TD)

The Canadian Press

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