Order: In the Matter of Douglas John Eley

Order
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IN THE MATTER OF
DOUGLAS JOHN ELEY

Wendy Berman, Vice-Chair and Chair of the Panel

File No. 2020-35

November 16, 2020

ORDER

(Section 8(4) of the Securities Act, RSO 1990, c S.5)

WHEREAS on November 9, 2020, the Ontario Securities Commission (the Commission) held a hearing by videoconference to consider a motion brought by Douglas John Eley (Eley) for a stay of decisions of the Investment Industry Regulatory Organization of Canada (IIROC) dated January 28, 2020 and October 6, 2020, respectively (the IIROC Decisions) pending disposition of the application brought by Eley for a hearing and review of the IIROC Decisions by the Commission (the Application);

ON READING the materials of the parties and on hearing the submissions of the representatives for Eley, Staff of IIROC and Staff of the Commission;

IT IS ORDERED, for reasons to follow, that:

  1. the IIROC Decisions are stayed pending the disposition of the Application or further order of the Commission, subject to the following conditions:
    1. the registration of Eley shall be subject to close supervision by his sponsoring firm; and
    2. Eley’s sponsoring firm must submit monthly close supervision reports (in the form specified in Appendix “A”) to IIROC. These reports must be submitted within 15 calendar days after the end of each month.

 

 

"Wendy Berman "
Wendy Berman

 

Appendix “A”
Close Supervision Report

I hereby certify that supervision has been conducted for the month ending _____, 202_ of the trading activities of Douglas John Eley (the Approved Person) by the undersigned. I further certify the following:

  1. a review of all trading activity in client accounts and the internal and external personal accounts of the Approved Person has been conducted by a qualified supervisor on a daily basis; 
  2. no orders have been made in any client account until all material documentation was in place;
  3. all applicable fees have been appropriately disclosed to the client prior to the order being placed;
  4. the trading activity in client accounts have been reviewed with reference to IIROC’s Rules regarding account supervision and for investment suitability, including the suitability of leveraging, if any, and any recent amendments to Know Your Client information;
  5. any transfers and/or deposits of securities between any client accounts have been authorized by the client in writing and reviewed and approved by a qualified supervisor;
  6. there has been no handling by the Approved Person of any client funds or securities and no issuance of cheques to any clients without management approval;
  7. no client complaints of any nature have been received during the preceding month. If there have been any reportable complaints, an outline of the nature of the complaint and the firm’s response or action taken is attached; and
  8. reasons for the inability to comply with any of the above and disclosure of any issues or concerns identified during the period of the stay have been provided to IIROC.