News Release
Commission rules IDA has jurisdiction over former members
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Date:
2007-05-17 -
Number:
2007/32
Vancouver - The British Columbia Securities Commission upheld an Investment Dealers Association of Canada panel decision that the self-regulatory organization can investigate and discipline one of its former members.
Charles K. Dass, a former stockbroker, claimed the association could not hold disciplinary hearings into his conduct because he was no longer a member when the IDA issued the notice of hearing.
Dass requested the commission panel overturn the IDA panel decision because section 26 of the B.C. Securities Act limited the IDA's jurisdiction to regulate former members.
The commission panel disagreed with Dass.
"Section 26(1) imposes only a duty to regulate on a self regulatory body," the commission panel said in its decision. "It follows that the section does not limit the self regulatory body's authority. Accordingly, although section 26(1) does not impose a duty to regulate former members, it does not limit the IDA's authority to do so."
The B.C. Securities Commission is the independent provincial government agency responsible for regulating trading in securities within the province. You may view the decision on our website www.bcsc.bc.ca by typing Charles K. Dass in the search box, or 2007 BCSECCOM 262. If you have questions, contact Andrew Poon, Media Relations, 604-899-6880.