About Bardya Ziaian
Bardya Ziaian asserts that he is an Executive, a movie producer, and an entrepreneur. He currently resides in Toronto, and his areas of expertise include fintech, brokerage services, and financial systems.
He is an entrepreneur who has created multiple firms, some of which include the wealth management firm Robo Advisor, the discount broker Virtual Brokers, which was frequently ranked #1 in Canada, and the think tank SITTU Group. He is also a member of the SITTU Group.
In addition to this, he was responsible for the development of self-clearing and trading systems in both the United States and Canada. In 2008, he founded BBS Securities and Virtual Brokers, a Canadian discount broker that would eventually be purchased by CI Financial. BBS Securities and Virtual Brokers were located in Canada.
Bardya Ziaian is committed by IIROC for syndications
As part of a settlement, the Investment Industry Regulatory Organization of Canada (IIROC) has imposed a fine on a former industry official for his management of new issue allocations.
An IIROC hearing panel approved a settlement with the former CEO of BBS Securities, Inc., Bardya Ziaian, after she admitted to infringing the regulations of the self-regulatory body between August and December of 2013. The violations occurred between August and December of 2013. The Investment Industry Regulatory Organization of Canada (IIROC) asserts that he “failed to make bona fide offerings of new issues to public investors.”
After the settlement, he violated the regulations of IIROC when he provided expressions of interest for fresh issues to underwriting syndicates that did not accurately represent investor interest.
In spite of the fact that customers consistently obtained the securities they requested within the allotted time frame, it was seen that He placed the vast majority of the newly issued stocks into the inventory accounts of his firm or into accounts that [he controlled].
As a direct consequence of this, the company was granted allocations of new issues, which it used to conduct profitable trading.
According to the settlement, because he is the only stakeholder, he would gain in a roundabout way from the selling concessions that his company was able to secure. ” Bardya Ziaian’s firm also received a significant profit in the form of drawdown prices or selling concessions for the new issues,” the report added.
Bardya Ziaian agreed, as part of the settlement, to pay a fine of $150,000 and to pay fees totaling $35,000. She also agreed to a suspension from certain supervisory responsibilities for a period of 18 months. In 2017, CI Financial Corporation completed the acquisition of BBS.
What is the Investment Industry Regulatory Organization of Canada?
The Investment Industry Regulatory Organization of Canada (IIROC) (SRO) is a national self-regulatory organization that does not seek to earn financially from its activities. The Investment Industry Regulatory Organization of Canada (IIROC) was formed by the merger of two organizations on June 1, 2008: the Investment Dealers Association of Canada (IDA) and Market Regulation Services Inc. (RMS). This organization is in charge of regulating all investment dealers as well as trading activity on Canadian debt and equity markets.
Additionally, it is responsible for the organization of enforcement hearings, and it possesses the quasi-judicial jurisdiction to suspend, reprimand, and expel members and registered representatives, such as advisors. Furthermore, it is responsible for setting regulatory and industry standards for the investing industry. Despite this, proponents of investor rights have frequently criticized it on the grounds that it is ineffective.
On June 1, 2008, the Investment Dealers Association of Canada (IDA) and Market Regulation Services Ltd. amalgamated to form the Investment Industry Regulatory Organization of Canada or IIROC. (RS).
In 1916, the Toronto Board of Trade formed a section for bond dealers specifically for the purpose of coordinating the financing of Canada’s war effort. 1934 was the year that it officially changed its name to the Investment Dealers Association of Canada. For the majority of its existence, the IDA has functioned in the industry of securities trading as both a regulatory body and an advocacy organization for dealers. In 2006, the Investment Industry Association of America (IDA) transitioned its attention to regulation and handed over the reins of the industry association to a brand new organization, the Investment Industry Association of Canada (IIAC).
In response to the implementation of National Instruments, 21-101 Marketplace Operation and 23-101 Trade Regulations, which call for an independent regulation services provider to oversee trading in all Canadian marketplaces, including the TSX, Market Regulation Services Inc. was founded in 2002. These two sets of regulations were introduced in response to the adoption of National Instruments 21-101 Marketplace Operation and 23-101 Trade Regulations.
Brief about Bardya Ziaian sanction by IIROC
A Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) accepted a settlement agreement between workers of IIROC and He and penalties on May 20, 2022.
Bardya Ziaian accepted that he broke Dealer Member Rule 29.3 by not making real offers of new issues to public investors between August 2013 and December 2013. He should have known that the expressions of interest were not real, but he didn’t.
As part of the Settlement Agreement, Bardya Ziaian agreed to pay the following fine:
-Paying a fine of $150,000, which includes restitution;
-The Ultimate Designated Person, Chief Compliance Officer, and Supervisor, as outlined in IIROC Rules, will not be approved for any of the above supervisory positions for 18 months after this Settlement Agreement is accepted.
Bardya Ziaian also agreed to pay $35,000 in fines and costs.
On 14 August 2019, IIROC begins disciplinary action against former BBS Securities Inc. UDP Bardya Ziaian
A hearing before a case panel of the Investment Industry Regulatory Organization of Canada (IIROC) has been set up to set a date for the Bardya Ziaian case.
The punishment hearing is about the claims that Bardya Ziaian broke Dealer Member Rule 29.1 by using allocations of new issues for his own trade instead of giving them to clients of BBS Securities Inc.
In May 2015, IIROC officially began looking into what Bardya Ziaian had done. He is said to have done these things while he was a Registered Representative at BBS Securities Inc., which is controlled by IIROC. Bardya Ziaian is no longer registered with an IIROC-regulated business.
On 15 January 2020, IIROC holds a disciplinary hearing regarding former BBS Securities Inc. UDP Bardya Ziaian
A hearing for disciplinary action against Bardya Ziaian is held by the Investment Industry Regulatory Organization of Canada (IIROC).
The claims that Bardya Ziaian violated Dealer Member Rule 29.1 by receiving allocations of new issues for proprietary trading purposes rather than distributing them to BBS Securities Inc. clients are the subject of the punishment hearing.
On 07 April 2020, Adjournment in the matter of Bardya Ziaian
Bardya Ziaian’s case was meant to be heard by a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) on May 19, 2020. The meeting will take place at a later date.
The meeting is because Bardya Ziaian is accused of:
-Violated Dealer Member Rule 29.5 by keeping new issues for own trading instead of giving them to BBS Securities Inc. clients, which is bad trading.
On September 17, 2020, IIROC holds a meeting to decide how to punish former BBS Securities Inc. Bardya Ziaian
On 17 September 2020, IIROC holds a disciplinary hearing regarding former BBS Securities Inc. UDP Bardya Ziaian
In the case of Bardya Ziaian, an Investment Industry Regulatory Organization of Canada (IIROC) meeting Panel has set up a meeting.
The postponed meeting from March 30, 2020, will now start on October 13, 2020, via videoconference.
A motion about this matter has also been set for September 23, 2020. Bardya Ziaian wants to give the following order:
-An order saying that the hearing in this case must be held orally in the future, or,
-An order putting this case on hold for good because IIROC doesn’t have the power to do so.
Motion Date: The motion will be heard via videoconference on September 23, 2020, at 2:00 p.m.
Date of Hearing: The hearing will be held on October 13, 2020, at 10:00 a.m., using a videoconference.
The punishment hearing is about the claims that Bardya Ziaian did not follow the rules when he bought allocations of new issues for his own trading instead of giving them to clients of BBS Securities Inc.
On 08 October 2020, the IIROC hearing panel issued a motion decision in the matter of former BBS Securities Inc. UDP Bardya Ziaian
On October 8, 2020, the IIROC hearing panel made a motion ruling in the case of UDP Bardya Ziaian, who used to work for BBS Securities Inc.
After a motion was heard on September 23, 2020, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) said no to Bardya Ziaian’s request for an oral hearing or an order to stop this process for good.
The move is about a disciplinary action taken against Bardya Ziaian. He is accused of trading illegally by taking allocations of new issues for himself instead of giving them to clients of BBS Securities Inc.
On 25 August 2021, IIROC holds a disciplinary hearing regarding former BBS Securities Inc. UDP Bardya Ziaian
On 14 January 2022, Adjournment in the matter of Bardya Ziaian
Bardya Ziaian’s case was meant to be heard by a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) on January 17, 2022. The meeting will take place at a later date.
The punishment hearing is about the claims that Bardya Ziaian took part in unethical dealing by getting allocations of new issues for proprietary trading and not giving the new issues to BBS Securities Inc. clients, which is against Dealer Member Rule 29.1.
On 13 May 2022, IIROC hold a settlement hearing for Bardya Ziaian
The Investment Industry Regulatory Organization of Canada (IIROC) Hearing Panel has set a hearing to discuss whether the panel should approve a Settlement Agreement made between IIROC employees and Bardya Ziaian.
The Settlement Agreement addresses a Notice of Hearing that was issued in this case on August 1, 2019, and it would resolve allegations that Bardya Ziaian failed to make genuine offerings of new issues to investors in the public in situations where he should have known that the expressions of interest were not genuine.
Date of Hearing: On May 20, 2022, at 10:00 a.m. (ET), a videoconference will be used for the hearing.
On 31 May 2022, IIROC sanctions Bardya Ziaian
A Settlement Agreement between IIROC employees and Bardya Ziaian was accepted by a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) on May 20, 2022, along with penalties.
In violation of Dealer Member Rule 29.3, Bardya Ziaian agreed that between August 2013 and December 2013, he failed to make genuine offerings of new issues to public investors in situations where he ought to have known that the expressions of interest were not genuine.
Bardya Ziaian consented to pay the following fine under the Settlement Agreement:
-Payment of a $150,000 fine that includes disgorgement;
-The Ultimate Designated Person, Chief Compliance Officer, and Supervisor, as defined in IIROC Rules, shall not be approved for any of the aforementioned supervisory positions for 18 months beginning on the date this Settlement Agreement is accepted.
Additionally, Bardya Ziaian consented to shell out $35,000 in charges.
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