Home Breadcrumb caret Industry News Breadcrumb caret Industry National Bank fined $700K for disclosure failure The bank must pay an additional $35,000 in costs By Staff | January 29, 2018 | Last updated on January 29, 2018 1 min read The OSC has approved a settlement agreement between National Bank Financial and OSC staff. In the agreement, National Bank has been ordered to pay a $700,000 administration fee for failing to provide timely delivery of disclosure documents to investors who purchased ETFs. The delivery failure affected a total of 128,199 ETF purchases involving 44,857 client accounts from Feb. 5, 2015, until Sept. 26, 2016, says the settlement agreement. The delivery issues were “inadvertent breaches” rooted in a software programming error, and no investors suffered losses, it says. Deficiencies to ongoing disclosure have since been addressed by the bank. National Bank must pay an additional $35,000 in costs. Read the full settlement agreement. Staff The staff of Advisor.ca have been covering news for financial advisors since 1998. Save Stroke 1 Print Group 8 Share LI logo