Compliance

Why this banned rep is still allowed to direct real estate investments Fallback Image Decorative pattern

Industry

Why this banned rep is still allowed to direct real estate investments

The Ontario Securities Commission says it will allow a banned mutual fund rep to continue to serve as a director of real estate investments so that he can generate enough income to try to repay more than $1 million to harmed investors. An OSC settlement agreement, released in June, found that the former mutual fund […]

By Staff |July 20, 2017

3 min read

More provinces move on rules for insider conflicts Fallback Image Decorative pattern

Industry

More provinces move on rules for insider conflicts

Provincial securities regulators in Alberta, Manitoba and New Brunswick have given notice to move ahead with regulations to address conflicts of interest for insiders and related parties. On Thursday the provinces’ securities regulators issued a notice of adoption of Multilateral Instrument 61-101: Protection of Minority Security Holders in Special Transactions (MI 61-101)—which is already in […]

By Staff |July 20, 2017

1 min read

Scotia Capital fined $200,000 for failure to supervise reps Fallback Image Decorative pattern

Industry

Scotia Capital fined $200,000 for failure to supervise reps

On July 5, 2017, an IIROC hearing panel accepted a settlement agreement, with sanctions, between IIROC staff and Scotia Capital Inc. Scotia Capital admitted it failed to adequately supervise two registered representatives when they recommended unsuitable securities transactions for clients. The transactions weren’t in keeping with good business practice, contrary to IIROC dealer member rules […]

By Staff |July 19, 2017

1 min read

Manulife agrees to $11.7M no-contest settlement with OSC Fallback Image Decorative pattern

Industry

Manulife agrees to $11.7M no-contest settlement with OSC

The Ontario Securities Commission has approved an $11.7-million no-contest settlement agreement with Manulife Securities Inc. and Manulife Securities Investment Services Inc. This settlement follows allegations by OSC staff that Manulife dealers’ systems of controls and supervision had inadequacies that resulted in certain clients paying excess fees that were not detected or corrected quickly enough. OSC […]

By Staff |July 13, 2017

2 min read