RE:IIROC - Sr. Complaints & Inquiries Specialist Dear Mr. [QuietWater]
Thank you for your email regarding the recent trading activity in TransGaming Inc. (“TNG”).
Please note that staff at Investment Industry Regulatory Organization of Canada ("IIROC"), routinely monitor trading and review all instances of unusual trading. As such, this information will be reviewed and assessed.
IIROC has confidential investigation procedures and as such staff cannot comment on a potential investigation unless it becomes a matter of public record. By keeping information confidential, we protect the integrity of our investigation, ensure the complaint process is not used to affect the market and maintain fairness to those who may be the subject of a complaint that does not result in an investigation or sanction. However, please be assured that appropriate action will be taken.
One of the primary roles of IIROC in reviewing any complaint is to determine whether there is sufficient evidence that supports a potential breach of Universal Market Integrity Rules (UMIR), to warrant further investigation and potential regulatory action. If there are no indications of violations of UMIR, IIROC will close the file with no action taken. If there are indications of potential violations of UMIR, IIROC will take appropriate action against the dealer member or its registered employees. Appropriate action may involve formal disciplinary proceedings or other measures such as a cautionary letter or a warning letter. Formal disciplinary proceedings become matters of public record, however other measures taken by IIROC are not.
IIROC exists to develop, administer, surveil and enforce the trading rules known as the Universal Market Integrity Rules, in the Canadian securities market. You may find out more about UMIR by visiting our website at
www.iiroc.ca. The link to UMIR is in the right navigation pane under “Rule Book”.
If you have any further concerns, please do not hesitate to contact us at any time.