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.